Last week, we saw WTI Crude oil (USDWTI) fall towards a key rising trendline. We noted that price was being supported. The bullish scenario was first limited to 52. However, price failed to climb even back above 50, a psychological level. The inability to push above 50 is a sign of weakness, and price eventually fell further and broke the rising trendline seen in the daily chart below.USDWTI Daily Chart(click to enlarge)A Bearish Trend in 2017?- So far in 2017, price has stalled and is now possibly starting a bearish trend. - Price has broken below both the 200 and 100-day simple moving averages (SMAs) as well as the rising trendline.- Price is making new lows on the year. - I think this bearish breakout opens up the area around 35. (34.25-36)- Before getting there, we can anticipate support around 42.50 and around 40. We saw support around these two levels in 2016.- If price holds under 47.50, we can add confidence to the bearish scenario.- Also look for the RSI to hold under 60 in the bearish scenario. - We might not have a bearish trend throughout 2017, but we definitely don't have a bullish trend. Perhaps, USDWTI is simply in a bearish leg within a medium to long-term range. between roughly 35 and 55. - Or if there is a hard support at 40, we might start seeing price hold within the 40-55 range. - While we are not confident where USDWTI will find support, we can be more confident of a bearish outlook in the short to medium-term.