WTI Price Analysis: Weekly falling channel keeps bears hopeful below $41.00

• WTI eases from $41.37 in its latest pullback inside a bearish chart pattern.
• RSI conditions also make traders skeptical of further upside.
• July month’s low can offer strong support ahead of the late-June bottom.

WTI declines to $40.85 during the early Asian session on Tuesday. The oil benchmark recently took a U-turn from the resistance line of a descending trend channel stretched since July 23. Other than the bearish chart formation, RSI also fizzles upside momentum, which in turn favors sellers.

Hence, $40.00 round-figures can be considered as an imminent target for the bears ahead of confronting the support line of the mentioned channel, at $39.60 now.

If at all the oil prices drop past-$39.60, July 10 low near $38.70 will be the key to the quote’s further downside targeting June 25 trough surrounding $37.20/15.

Meanwhile, upside break beyond $41.10 enables the bulls to retake control while targeting highs marked during July and June months, respectively around $42.50 and $42.65.

WTI four-hour chart

Trend: Pullback expected