Since its sell-off from multi-year highs, WTI is within its most bearish 5-week run since January 2016. And whilst momentum favours a test of $60, the risk of a retracement from current levels appears high. Starting with the daily chart, we note that momentum is clearly bearish and minor retracements since the 76.88 high denote a powerful downtrend. However,RSI has been oversold all month,it’s on itssixth session beneath the lower Keltner bandand the tall upper wicks of the prior three sessions show bulls starting to put up a fight. Furthermore,WTI has traded lower for 8 consecutive sessions(on a close-to close ... (full story)