CRUDE HAS FALLEN ENOUGH FOR THE TIME BEING

WTI CRUDE MAY BE READY FOR A BOUNCE

Much has been made about the crunch in the price of crude oil. The weekly chart of WTI Crude (continuation) shows an interesting situation with RSI down at 11.1 compared to 21.7 when it was bottoming in December 08/January 09...this is a massive oversold situation. However, when you look at the size of te formation above the violated red support line, you can't help feel that it is big enough to push price below the 431 recorder in January 2009.