• WTI bulls eye a break of $73.90 to the upside.
• Bears need a break of the $71.70s to the downside in order to resume the broader downtrend. 

As per the prior analysis, WTI bears are lurking in what could be a peak formation on the charts, the oil price has taken on resistance and is now at a critical juncture as the bulls flex their muscles. WTI is sandwiched between $73.90 on the backside of a longer-term bearish trend and the backside of a micro counter trend as the following illustrates:

WTI H4 chart, prior analysis

It was argued that the resistance of the trendline and horizontal $73.90 could play a role in a subsequent sell-off in the coming sessions. A break of $73.90, however, opened the risk of a move towards the $76.70s.

WTI updates

The structure sees the price needing a break of $73.90 to the upside of a break of the $71.70s to the downside in order to resume the broader downtrend.