Technical outlook:

WTI Crude has dropped below 20.00 levels today and is currently seen to be trading around 20.15/20 levels at this point in writing. The overall structure since 76.88 resistance might be complete on the downside and most traders would be surprised to witness a bullish reversal from here. The fibonacci extensions of the bearish boundary between 76.88 and 42.40 has been hit around the 20.80 levels as shown on the weekly chart here. Immediate resistance is seen at 65.62 levels, while interim support comes in around the 19.50/60 levels respectively. As WTI Crude hits major fibonacci extensions (acting as support), the commodity is expected to produce a bullish bounce from close to 20.10/20 levels, going forward. Also note that any bullish reversal should be sharp since prices have remained sideways over the last few trading sessions. A break above 25.00 would confirm that a meaningful low is in place around 20.00 levels.

Trading plan:

Remain long @ 20.10/20, stop below 18.00 target is open.

Good luck!