WTI Technical Analysis: Near-term bounce towards $54.00 unlikely to survive

• The last twenty-four hours saw US crude oil prices slip into touching distance of 52.00, a critical low for WTI, and Wednesday's early-session bounce from Tuesday's bottoms is set to hit intraday resistance at the 38.2 Fibo retracement level at 54.35.

WTI Chart, 5-Minute

• The last two weeks have seen US crude prices fail to establish a bullish recovery from the last low set on November 13th at 54.75, and after several days of muted gains US crude barrels are back on the decline.

WTI Chart, 30-Minute

• WTI's last quarter has seen a complete reversion into a bearish trend, and even a bounce into the 62.00 region would see US crude still stuck in a bearish chart stance after tumbling for what is now set to become a seven-week bear run.

WTI Chart, 4-Hour