WTI crude formed a daily bullish engulfing pattern yesterday at a key support level, signaling that bulls are still actively defending this area. However, the higher timeframes show a strong downtrend remains in place. The price may continue ranging until it either breaks lower or retests the 71.435-72.5 zone to attempt a breakout. In summary: Technically, significant selling pressure is expected to persist unless WTI breaks and closes above 72.5.