The sequence of lower highs goes on here, but for now the downside is being limited by the crucial $46 support area. If this continues to hold we could see a bounce back to the $47.50 area and then $48.
If $46 is broken we could see a drop down to the early May lows at $44. Given the ongoing downtrend off the June highs, the price could move back as far as $49 and still be in a broader move lower.
The move lower from WTI’s June highs goes on, and so as a result the coming week could see further selling. So far the July lows at $44.50 continue to hold, but a move below here would head towards key support at $42.60, and such a move would also create a new lower low, maintaining the downtrend.
As with Brent, the price could see a significant bounce but still be in the downtrend; in this case $47.50 would be where the downward sloping resistance comes into play.