After a 2-month consolidation around 60, WTI Crude Oil fell below the range support around 56.50 in July. As we move to the second half of the month, price has started consolidating again in a small consolidation range just above 50.00WTI Crude Oil 4H Chart 7/15(click to enlarge) As the 4H chart shows, WTI Crude has started to consolidate in range between 50.59 and 53.66. During this consolidation, the technical picture is still bearish.1) Price is still under the 200-, 100-, and 50-period simple moving averages (SMAs). 2) The RSI is still holding under 60. 3) A falling trendline is still intact. If price falls below 50.50, we are likely going to see a push below 50 as well as the bearish momentum continues. If this scenario materializes, look for support in the 47-47.80 area, which represents a previous support area. A break below that would then open up the low on the year just above 42.00. WTI Crude Oil Daily Chart 7/15 (click to enlarge)When we look at the daily chart, we should note that despite the stabilization and rally in oil prices in 2015, it still retains some bearish bias from the 2014 plunge because price is still under the 200-day simple moving average, and even the 100-, and 50-day SMAs. Now, if price can hold above 50 or even 47 and climb back above 55, there would be a good chance that the market has turned neutral with some bullish bias in the short-term. However, a break above 60 will be needed to clear above the cluster of 200-, 100-, and 50-day SMA cluster, which could start an uptrend at least in the short-term. On the other hand, if we maintain the "neutral" outlook that 2015 price action has shown, 50 is a likely "central" area and if price is above 50 with the daily RSI showing bearish divergence, we should expect a significant pullback towards this 50, central area.