WTI Crude Oil has broken below 80 to start the month. Then, after marking a new low on the year around 76.00, it has been consolidating in the past few sessions.(WTI Crude Oil 4H Chart 11/9)The 4H chart shows a market rebounding within a downtrend. The moving averages are sloping down and are in bearish alignment with price trading below them. The RSI has tagged below 30 and held below 60 on rallies, showing persistent bearish momentum. Thus, we should expect sellers after a short-term consolidation rally. The 80-81 area seems important. It was the base of a broken descending triangle that formed during the second half of October. We also have the falling trendline from the triangle converging to this area and providing another factor of resistance. Expect sellers here especially if the 4H RSI approaches 60 and stalls. To the downside, WTI Crude has some room to fall. There might be some support at the 2011 low around 75. But a support of more significance lies in the 70-71 area, a common support during 2010. We might get some cracks below 70, but with the weekly RSI in deep oversold territory, we can expect a relatively significant consolidation from this area, one that should be larger in scope than any we have had so far since WTI Crude started falling in June. (WTI Crude Oil Weekly Chart)