Consolidation around 50:I previously noted that as WTI Crude approached 50, we would have some consolidation or bearish correction. However, price broke through 50 and looked like it was heading towards 54. Eventually, the market decided that price around 51.65 was too high, and has been selling WTI crude down to 47.75. USDWTI Daily Chart 6/15(click to enlarge) Rising Trendline Key Levels:As we can see in the daily chart WTI Crude has been falling for 5 days in a row. However, price is still above a rising trendline. I think if price bounces up, but starts to hold under 50, the market will have more reason to continue the bearish correction. Then if price breaks below 47, it should clear the rising trendline, but the RSI might still be above 40 until price reaches the 43-44 support/resistance pivot area. That could invite some buying. If 43-44 can't hold, then we can expect a test of 40. At this point, we should limit the bearish outlook to 40, with a more conservative target at 44.