There's a lot of debate on weather price of WTI crude will be settling and holding above 28, or weather price can slide to 20. So far, price is essentially consolidating around 30, but the technical picture suggests there is still bearish momentum. USD/WTI Daily Chart(click to enlarge) Still Bearish: With price under the 200-, 100-, and 50-day simple moving averages (SMAs), USD/WTI still has a bearish outlook. The RSI is still under 60, which suggests there is still bearish momentum. Furthermore, there is a "negative reversal" signal, which is when the RSI makes a higher high with price making lower highs. This suggests the market might be in for another bearish swing. Bearish Continuation Scenario: Now, whether that swing will push towards 20 is another story. For now I would say that there is still pressure back to 28, and perhaps lower. This could continue to 20, or it might be a final flush around the 28 low before bears get "exhausted" in this market. Upside Risk: If the bearish continuation scenario does not materialize right away, and price holds above 30, there is short-term upside risk towards 37. For now though, we should limit our bullish outlook to 37-40 area, which involves the 100-day SMA, a falling trendline, and a couple of key support/resistance pivots. A break above the 37 would be a strong signal that bulls have at least shifted the market from bearish to neutral. In this scenario this point, we should still consider selling rips, but we can also then consider buying dips, especially if price was able to also breach 40.