Taking a look at WTI crude oil as it has pierced through all the moving averages that were acting as support. All of last week's gains are now being wiped.

Taking a look at WTI crude oil as it has pierced through all the moving averages that were acting as support. Last week seemed like a set up was potentially forming for some upside towards $74-$75 a barrel, but all the gains have now been wiped. Currently, the commodity is trading at around $68.57 a barrel. Looking on the 4 hourly timeframe, we can see it is now sliding towards the key support of $67.12 (along the white trendline). A break and close below this trendline could see oil slide much lower towards the levels of $64-$65 a barrel. If there is any sort of consolidation along the supportive trendline, then we would be looking towards the upside again. However, at the moment the bias remains bearish. Looking at the technical indicators, MACD is strongly negative and so is the RSI as it now reads 27. RSI has just entered ‘oversold’ territory though.