Well all I know is what the good book says. And that says price is now trapped between the double bottom support at $77.75 and the breakdown pt of the recent channel at $81.39. A breakout either way will determine direction. But price is very, very oversold and I don't 'think' this double bottom low will break down. Unfortunately the market doesn't give a rats ass what I think. (no respect) But look back at the number of times you've seen the RSI 21 Daily chart below 30 and a re-crossing back up over 30 to see what price does after. The recent channel breakdown was a 'washout' that I suspected could happen with the suffering bulls throwing in the towel. That occurs on most channel bottoms in a strong downtrend. Just the opposite of a channel in an uptrend. Odds of this double bottom breaking down is slim from what I see. And of course now all you hear is much lower prices. That's what you always hear at lows. The old saying by Joseph Granville has always been a favourite of mine: "If it's obvious it's obviously wrong". Just like the lemmings running to the cliff edge. Their thinking is "We can't all be wrong can we?" Answer:YES we can,lol. But price is king and only a break above or below this tight range will decide direction. Meanwhile the old standby trading plan of "Buy Support & Sell Resistance" has been and always will be the simplest and best way to trade from what I've seen. Most of the time we all just try to freaking' hard..........................................And no I didn't get long USO because it didn't double bottom as it knew I was waiting for it there. If I could shoot it I would.
Historically the 3rd week in June to mid July is bullish for Crude.