The WTI oil price technical outlook remains negative given there is no sign of base forming emerging. It most recently generated a technical sell signal at US$41.60 on 12/11/15. The subsequent decline resulted in the nominated downside technical price target located at US$34.00 being reached - which had been the minimum expectation for a pullback. There is no sign of a turnaround emerging given the WTI oil price is continuing to move to "lower lows". Major subsequent support is now located at US$29.20, the December 2008 low point.