This is the 4hrs chart.
We have the 1200 (Equal to the daily chart's 200EMA) which is important to me.
And I set the 300EMA (Equal to the daily chart's 50EMA) - scroll back to 2014 and see how the 300 worked as a resistance.
Price couldn't hold too much above the 300 . Now it's working as a support.
That is the reason why I think the market is over in oil .
If I'm right we will have a nice rally in the following 4 weeks till the middle of May.
I also inserted the 50 (green) which should support the price during this rally.
Timing may change , the price at the top may change (from 50 to 60$) - we will see how strong the rally is- , but this intermediate cycle will end at the end of July the latest. So the top should occur 24.05.-15.06.
I'm planning to exit all oil positions around that time and reenter in september again.