West Texas Intermediate (WTI) oil bull-trend staged a sharp reversal on Thursday and posted a bearish outside range day that now awaits confirmation, which is viewed from a break and close beneath $78.70-90.
If confirmed, it should provide a measure move towards the $74.60-$75.10 region.
Until then, the view is neutral.
Little resistance is assessed until $87.00 to $91.00 a barrel.
This week, oil rallied to the highest level since 2014 as a global energy crunch coincided with a broader economic recovery from the pandemic.