WTI Crude Oil (USDWTI) has been bullish and even made a new high on the year in October. However, this bullish breakout soon fizzled, and the subsequent decline suggests that oil price is about to enter a bearish phase in the short-term.WTI Crude 4H Chart 10/26(click to enlarge)Testing support pivot:- As we can see in the 4H chart, price retreated sharply after making a new high on the year, but failing to clear 52.00.- The dip has brought price back to the support pivot from Oct. 10. - Essentially, a break below 49.10 would complete a price top. - But as we can see, there is some buying here this week. - The question is how strong can a rally from this support be?- If price pops up and holds under 50.50, the bearish outlook is still in play. The market would be neutral-bearish.- A break back above 50.50 on the other hand would suggest that the market is neutral-bullish. Bearish outlook in context:- My opinion is that, after the inability to extend a bullish breakout, the market is weak and will trade down oil prices back to about 45. - When we look at the weekly chart below, we can see that USDWTI has been building an inverted head and shoulder's pattern. - However, price has not broken above the neckline to officially complete the price bottom.- The bearish outlook to 45.00 would be within the context of a price bottom building. - Note the rising trendline that might provide support for USDWTI even above 45.00. - A break below 45.00 on the other hand could open up 40.00, and the 37.80 pivot. Even this target is within the context of price-bottom building, as long as price holds above 37.80, the shoulder's support pivot seen in the weekly chart. USDWTI Weekly Chart 10/26(click to enlarge)