Oil price holds bearish bias but cracked pivotal supports still hold

WTI oil price remains in red on Tuesday despite Monday’s strong downside rejection at $57.33 and failure to close below cracked pivotal supports at $57.74 (10DMA) and $57.44 (Fibo 61.8% of $53.93/$63.12 jump).
Weak economic data from Europe and Japan added to concerns about global oil demand and weakened sentiment, keeping near-term bias with bears.
Close below $57.74/44 pivots is needed to confirm break of near-term congestion and generate initial signal of extension of slide from last week’s peak at $63.12 (four-month high).
Daily momentum in steep descend supports scenario, but bears may again face headwinds as stochastic is breaking into oversold territory.
Caution on repeated failure to clear supports at $57.74/44 that may result in prolonged sideways mode.
Alternative scenario would require lift above recent congestion top at $59.43 and broken Fibo 38.2%  at $59.61 to sideline bears and shift focus higher

Res: 58.52; 59.22; 59.43; 59.61
Sup: 57.74; 57.44; 56.86; 56.60