The price of Oil is collapsing. Considering that every support, every setup, every candle gets trashed, I would say that is a fair statement. It might be late to enter now, the astute oil traders entered short a long time ago, but prices should continue lower, considering that the first proper support is very far away, as seen on the weekly chart. My only concern is short covering, which happens with lightning speed and great force.
Today we had another break of a candle (a small kangaroo tail) that followed the climactic action on the day of the OPEC meeting. This break should produce further weakness.
Today, Russian finance minister promised cheaper $ at the beginning of 2015.
As far as concerns oil, not very convincing bounce up (double top) as Mickette said.
On the flip side, the was no lower RSI reading at least since 1991 on the daily. There is no data before 1991.