We are in a technically market right now.
Different from 2008, the market of crude oil just begins. From Monthly graph and Weekly graph, we have that both them are in the downtrend.
When the price of NYMEX:CL1!0.48% goes down, we have that the volume goes up. It definitely means that the market is .
From the macroeconomic perspective, theoretically, the increase in the interest rate will result in the decrease in the price level.
The global economy doesn't perform well right now even though central banks have already printed a lot of money.
For the weekly graph, it needs to touch the upper band of the channel at least once so as to extend the downtrend. However, there is not any signal for that so far.
For the daily graph, the upper band of the channel has already been touched twice and still in the downtrend.