I wish every day was like yesterday. WTI prices fell below the 110 psychological level but stopped short of the high-profile 100 mark. A small bounce in early Tuesday APAC trading saw prices lift a bit over 1%, but bulls may want to recapture the 110 level before hitting the buy button with confidence. The 20-day Simple Moving Average (SMA) just below that level may offer some resistance. Alternatively, a resumption to the downside would bring the 50-day SMA and trendline support from the December swing low into focus.
Plenty of room to fall further, and if today's candle forms an inverted hammer, tomorrow will be up.