WTI bear sin control, targetting the 23.6% Fibo and confluence of the 13th Jan swing lows

• WTI is consolidating within the handle formation of the cup and handle daily bullish chart pattern. 
• WTI's bullish momentum is thawing out due to risk-off sentiment as investors brace for a busy event week ahead. 
• WTI is currently trading at 52.19 with the confluence of the 4hr S3 and 100 SMA, a high of 53.75  and up from a low of 51.41. 

Buys stepped back in and lifted the price of oil from the lows of the North American session leaving a long downside bullish shadow on the near term charts. However, risk sentiment is leaning bearishly on the black gold as US stock markets take an early door hit at the start of this week driven by a sell-off on the DJIA complement, Capapillar, and disappointing earnings results. 

However, specifically, there are fresh concerns over supply following data late last week that showed a bulky weekly rise in the U.S. oil-rig count. A key focus is with China and the potential for a slowdown in energy demand.  Elsewhere and staying with the geopolitical tensions, investors are keeping a close eye out for developments in Venezuela crisis.

"Global markets will face a busy few sessions ahead, with US-China trade and FOMC meetings holding the spotlight, while an eventful week for earnings season will also help to set the tone for risk assets as some of the all-important tech stocks report. And, traders will likely digest caterpillar's dim 2019 outlook as they reassess their demand outlook,"

analysts at TD Securities explained. 

WTI levels

Recent price action broke the 23rd Jan 51.89 swing lows and the bearish 4hr Marubozu Japanese candlestick formed today leaves a bearish bias on the charts, albeit somewhat jeopardised by a strong rejecting at today's lows that has pained a long bearish wick on the same charts and next candle along.  On a continuation of the downside, we have the 23.6% Fibo and confluence of the 13th Jan swing lows at 50.63. Bulls need to regain the mid 54 handle.