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WTI Oil outlook - scope for minor correction

FX:USOIL   Crude Oil (WTI)
OIl's sharp decline in the last few trading sessions and a break below $41.86 (38.2% Fibo of Feb low-June high) has left prices oversold as per the hourly RSI . The hourly MACD is seen turning the corner as well.

Consequently, we may see a minor corrective rally to $42.60-42.70 (falling wedge resistance), where a failure could provide fatal and open doors for a fresh sell-off.

On the downside, the major support is seen at $40.58 (200-DMA).
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