For WTI to turn bullish it will need to break above some resistance levels now. Monday’s high at $48.65, for example, is such a level since it is located above the 200-day moving average. If oil were to get there, it may trigger a short-covering response from the bearish camp. That being said, the buyers would do very well to push the price of WTI back towards the old key support level of $50.80, which may turn into resistance upon re-test. Further resistance is seen at $52.50, the last support level pre breakdown.