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Fan Yang

WTI Crude Oil - Bearish Engulfer

Last week, I noted oil prices looked like they were heading back to the 2015-lows. WTI Crude is so far maintaining this outlook. This week so far, it started by sliding to 45.09. Then after a period of narrow consolidation, we are seeing a strong bearish attempt again during the 8/5, Wednesday session. WTI has now tagged the 45.00 handle.

WTI Crude Oil 4H Chart 8/5
(click to enlarge)

The 4H chart shows a bearish engulfing candle, or at least an outside bar. This candle signals bearish continuation below 45. The 42.06-43.57 lows are just a couple more bearish sessions away. 

The bearish candle also sets up a key pivot at 46.70. Basically, if a correction is to be of any significance, we need to see price clear this high. Otherwise, the bearish outlook remains towards the 2015-lows in the short-term.

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