WTI traded higher yesterday after it hit support at 30.65 (S2). The price emerged back above 31.65 (S1) but hit resistance at 32.40 (R1). Although the rebound may continue for a while, I still believe that the short-term trend remains to the downside. I would expect another dip below 31.65 (S1) to aim for another test at 30.65 (S2). Our short-term oscillators corroborate somewhat my view that further advance could be looming before the next leg down. The RSI moved higher and hit its 50 line, while the MACD, although negative, has bottomed and looks able to cross above its trigger line. On the daily chart, I see that WTI has been printing lower peaks and lower troughs since the 9th off October, which keeps the longer-term picture negative as well.