WTI crude oil fails yet again to breach the $41 resistance level as it hit our short entry support target at $40.5 weighed down by record daily virus cases as the US registered 77,000 new cases in the past 24 hours with Texas and Arizona hardest hit. Bearish momentum is picking favoring a breach of our support at $40.5 with the 200 period SMA and $40 as next support targets.
Support: 40.50 / 40 / 39.27
Resistance: 41 / 41.50
