Negotiation between Russia and OPEC to cut oil production is giving crude a boost today. WTI Crude jumped from 32 to 34.70 in early US trading hours. This is actually a key resistance in the short-term. USDWTI Daily Chart 1/28(click to enlarge) On the daily chart WTI Crude is at a previous support pivot and a falling speedline. We are already seeing some near-term selling here. Now, if price comes back down, it will be interesting to see if 32 holds. If it does, there is still some upside risk at least in the short-term. A break below 32 however suggests that today's rally is a "clear-out" for further downside with 28 back in play.Bullish Scenario: If price pushes above 35, the next pivot to monitor is 37.80-38, which is a support/resistance pivot. Then 40 is a psychological level and previous support pivot, likely reinforced by the 100-day simple moving average as well as a falling trendline. We should limit any bullish expectation to 40 for now and anticipate at least one more significant attempt to head back towards the 28-30 low. Bearish Possibility: Now, remember, we are only hearing about talks. Actual agreement might prove to be elusive as indicated in the bloomberg clip here: http://www.bloomberg.com/news/articles/2016-01-27/saudi-arabia-rethinks-foreigners-role-in-economy-as-oil-slumps