Oil Prices Retreat, Down Over 3%

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WTI Crude oil prices are trading lower on Tuesday and were down over 3% intraday.

Price action remains steady within the 41.00 and the 38.83 levels of resistance and support respectively.

A breakout from this range to the downside could open up further declines.

Below the 38.83 level of support, oil prices could easily test the 9th September lows of 36.51.

The downside bias gains support as price action has reversed following a lower high formation. This potentially indicates a move to the downside.

However, the weekly bullish candlestick gives hope for an upside move as well.

But a lot of this will depend on how price reacts to the 38.83 level for the moment.

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