A week ago, I noted that WTI Crude Oil was facing a key resistance after a rebound from around $51 to $60. Price held under $60 and traded sideways for a few sessions. But price action during the Tuesday (7/2) session was a stronger confirmation that $60 was indeed a key resistance, and that the prevailing bearish market is still in play. USDWTI Daily Chart(click to enlarge)Bearish Signs:- Price held under the cluster of moving averages including the 200-day SMA, a sign that bears are in control.- We also saw price held under a previous support pivot as well as a falling trendline. - Finally the RIS held under 60, which reflects maintenance of the prevailing bearish momentum. Downside:- I think price will be pushing against the $53.85-$55.30 pivot area soon.- If price can hold under $58, we should see further downside towards the $50-$51 area. - If price continues lower and breaks below $49, we should look for downside towards the $42 low from 2018. - This $40-$42 area will be critical support.