Aug Crude continues to trade in a 3 week channel. This market is still very oversold. A break out of the channel will determine next direction. The "Good Book" says after a major selloff and price forms a channel odds favour a break to the downside as the channel was nothing more than a pause in the existing trend. Bottom line: Why guess. A breakout or breakdown at either line of the channel will determine direction in the short term. Meanwhile there is a six dollar channel to trade.