Previously charted CL1! went accordingly. Though it didnt fully fill the gap, it has respected the downtrend. https://www.tradingview.com/chart/CL1!/woKbUAtp-WTI-Crude-Oil-CLU2026-4HR-Update-July-29-2026/Whats next?


4hr chart

Structure

- Downtrend respected — failed to fully fill the gap above confirming bearish bias intact
- Currently sitting at 0.618 Fib retracement — key level for continuation

Confluence for further downside

Hidden bearish divergence forming on RSI — overbought conditions developing
OBV convergent — supporting the move down
Stoch RSI in overbought on 4hr
Everything pointing in the same direction

Two scenarios being watched

One more low expected from current level
CME gap below ~$72-73 as first target — watching for reaction there
$70 monthly support below as deeper target if CME gap doesn't hold

Bias: Bearish — targeting CME gap fill as first level to watch for reaction

Trading is about waiting for levels and confirmations — no rush until the market shows its hand.