WTI Crude consolidated last week, rebounding from a new low on the year at 79.73 up to 84.83 before eventually forming a descending triangle by the end of the week. Note that the technical conditions in the 4H chart remain bearish.1) Price is below the 200-, 100-, and 50-period SMAs.2) The RSI held below 60, showing maintenance of the bearish momentum. WTI Crude 4H Chart 10/27(click to enlarge) This week, WTI Crude is cracking the triangle support, and already making new lows on the year, signaling bearish continuation. When we look at the weekly chart, we can see that if the downtrend extends, the next support pivot is at 77.30, the 2012-low. Then, the 2011 low is at 74.93. With the weekly RSI already in oversold levels, if price gets into this area, we should start expecting buyers. However, until we see 2 weeks of price bottoming action, we should not automatically assume there will be a reversal or consolidation simply based on the 2 factors: 1) major support and 2) oversold conditions.WTI Crude Weekly Chart 10/27(click to enlarge)