Oil is at a breaking point. If the current 15 year old trend line holds it could mean a significant uptrend for oil , but if it drops trough it could go down to 40 $. I will monitor closely what happens when it touches the trend line .
Read more at http://investarting.com/Investing/oil/
Yes, it could like a good trading setup for a long position. The fundamentals are however pointing toward an even lower oil price. Read more here: http://www.bloomberg.com/news/articles/2015-07-26/oil-bulls-flee-at-fastest-pace-in-three-years-as-glut-expands
I will see what happens when it touches the line and if it holds I will open a position