The price of the barrels is contained in a clear channel that seems unbreakable for the market. Since the trend is bearish this channel is been respected millimetrically. I can't see other signals that change this trend. Many indicators show us that the market is oversold but the prices continue to run to the bottom. A possible break point for this movement could be a target price more o less of 37$, the end of the this channel. The end of the future contract, in the 20 of August, seems not be a reversal point for this market given the strength of the downtrend.
If you think otherwise, please reply to this post.
Your target is on point. It hits all major levels going back into the 90's and 2008
andberg
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see my idea here
bracken
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The trend is your friend ....until it isn't.
bracken
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When the futures are priced below spot it is called "backwardation". Otherwise it's called "in contango".
Backwardation is a rather common state just before the trend is about to change.
Why? You can read about it if you google "backwardation" and "in contango"
ksingh15
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After checking the last candle on weekly chart, I think market is taking time to decide in which direction to go. I would suggest to wait here for the confirmation before going long or short