July Crude has sold off sharply from early May from above $106 to the $91 price area. Price has broken below the Dec low of 93.50 but more significant support is the Aug/Sept/Oct resistance at $92 that was finally cleared in Nov and is now support. With steepness of the selloff in such a short time frame and the RSI 21 below the 30 line which is a rare event, I would not be surprised to see a sharp rebound in July Crude from here. Also note the CCI 20 showing a very postive divergence on this lower price low after tagging the very oversold zone which is often seen just before a rally back begins. Also note price is stretched a long, long ways from its 20ema and 50ema. This typically sees price come back home for a visit. Bottom line: Price is king and with the trend decisively down the present price 'area' must hold as support. But indicators and price action suggest a rebound is close at hand. If short keep the stop at your comfort level.