As of now, I see more downward movement for crude. The trend is your friend. HOWEVER...longer term time frames are showing bullish divergence
, and price is sitting at massive support (light green area). So I see two possible scenarios...(1) price continues down and we see a test of the 31 handle, or (2) price respects long term support, breaks the descending trendline
, and begins to rally. Only time will tell.