On the H4 chart, the price has corrected downwards from the level of 41.20 (0.0% retracement) and this week is consolidating around 39.35 (38.2% retracement). From here, a reversal and return of quotes to 41.20 is possible, as indicated by the upward reversal of  Stochastic near the oversold zone. Otherwise, the price will resume its decline to 38.40 (61.8% retracement) and 36.35 (100.0% retracement), but for this, it will have to break through the upward correction fan, which makes this scenario less likely.

Today, during the Asian session, oil prices are flat, consolidating near 39.50 after yesterday's decline. At the beginning of the week, the quotes were under strong pressure from threats to resume oil production in Libya.

Prices for WTI crude oil recovered after the meeting of the OPEC+ Monitoring Committee, trading at 40.90.

An uptrend is forming on the H4 chart. The instrument is traded at the upper border of Bollinger Bands; the indicator cloud is expanded; the preservation of the uptrend is likely in the medium term. MACD histogram is in the positive zone gradually increasing volumes; the signal line is crossing the body of the histogram from below, forming a signal for opening buy orders. Stochastic crosses the oversold zone from above; a signal to open short positions is forming.