WTI recently approached the key resistance level 41.50 (top of the previous correction A from last month and the upper boundary of the sharp downward gap which was formed at the start of March) – standing near the upper daily Bollinger Band. Given the overbought daily Stochastic and the strength of the aforementioned resistance level 41.50 – WTI is likely to correct down further toward the next support level 38.55 (low of the previous short-term correction B from June).