Weekly 
Zooming out from our usual daily-chart view to monthly and weekly shows that on a monthly basis, the Percent R for WTI has rolled over from an overbought position. The last time this occurred the price move was significant, the risk to the downside at this point is likely ~10/bbl to the 6500-6000 region. However, the weekly continuation chart above suggests that there may be some support at 7000 based on trend line support extended from points 2 through 3. A break below 7000 would be needed to confirm the monthly Percent R signal.