Price action in WTI crude oil markets have come to a standstill. Although trading above the 25.00 level, prices are trading rather flat.
With only a modest lower high forming so far, this consolidation could see a breakout in the near term.
Given the setup, we expect a possible move lower. But, this will mean that oil prices need to convincingly close below the 25.00 level of support.
This will open the downside target towards the 17.80 handle.
But overall, oil prices could likely move only on some strong bearish fundamentals.