A couple of weeks ago, USDWTI held at a rising trendline support. But last week, price dipped below this support, breaking out into a bearish outlook.USDWTI Daily Chart(click to enlarge)Breakout and Target:- The daily chart shows price break below the rising trendline.- Price is also below the 200- and 100-day simple moving average. - I think the breakout opens up the 34-36 area. This is a key support/resistance pivot area in 2016.- A conservative bearish outlook would be 39.25-40 area, which is another support pivot in mid-2016.Pullback:- I think because oil prices have been so choppy, we should anticipate a bullish pullback.- The RSI is in the oversold area, and since the market is NOT bearish yet, we should respect the "oversold" assessment.- Now, if price was still above 48 and the rising trendline, we might have a strong bullish outlook. However, because of the break, we should limit the bullish outlook.- 50 will be a key psychological level, which is also a support/resistance pivot. - I would look for the market to sell in the 50-51 area if price pulls back up.