We have had a nice month-long rally in oil prices, but it looks like it is coming to an end, or at least need a rest. USDWTI 4H Chart 3/15 (click to enlarge) As we can see in the 4H WTI Crude Oil chart, the bullish channel that it has been trading in is broken. Furthermore the RSI has fallen below 40, which shows loss of the prevailing bullish momentum.So, far, the market is not bearish yet, but in a sideways consolidation. In fact, there is a "neckline" around 36 that might still provide short-term support for USDWTI. However, if price falls below 36, we should consider a possible bearish correction. The trend going into February has been sharply bearish, so we might still see a lot of downside pressure. In other words, a bearish correction might have a deep downside risk, possibly back towards 30 or at least 32. If price can hold above this 30-32 area, I would anticipate a bullish mode for the subsequent months.