WTI Crude oil took out key support at around 77.21. Next support at around 73.84. However, WTI could be in the process of forming an Evening star like pattern. It is not the best textbook example though, but could still be an indication of a bottom and reversal. For that scenario to play out minimum requirement is for WTI to close higher today.
If WTI is performing a daily close (not necessarily today) back above 78.50 the rebound could extend to 83-84 level
However, RSI is still in negative sentiment with no divergence suggesting lower levels could be seen, and a dip down to 73.84 should not be ruled out.
If WTI is closing below 73.84 no support until around USD67/barrel level
One could argue WTI has formed a Shoulder-Head-Shoulder like pattern. Ideally both shoulders should be of almost equal height so it is merely a Quasimodo SHS – with two heads!
Nevertheless, WTI has reached 0.618 Fibonacci of the Head to Neckline level at 75.23 which could be the exhaustive downwards move short-term Medium-term If WTI is closing the week below 77.59 downtrend is confirmed and we could see WTI drop lower to test the falling trend line and to around the 200 weekly Moving Average level i.e., around USD70, possibly lower