Last week, we saw WTI Crude Oil $USDWTI break below key support factors just above $58 (a rising trendline and a flat support pivot). This also put price below the previous 2018-low. Then after a few days of recovery, price tested $58 area again, this time as resistance. USD/WTI Daily Chart(click to enlarge)Bearish Continuation:- Price action since October has been sharply bearish. - Oil price decline coincided with the equities market decline - this is a demand-side reaction and should continue as the equities market continues to contract.- The 11/20 candle is a bearish engulfing candle that wiped out all the recovery seen in the past 4 sessions. - As price slides into the 2017 range, it opens up the 2016-2017 range low around $40-$42.35.- I think USDWTI will find some brief support around $50, but I think there is further downside towards the range low.USDWTI Weekly Chart(click to enlarge)