Yeah I know eshmun but I'm just pointing out that historical...

Yeah I know eshmun but I'm just pointing out that historical prices for the September futures contract don't really matter much on a chart when trying to look at support/resistance etc and targets for oil.

Clearly the main thing on the chart at the moment is the testing of the triple bottom at ~$44. RSI is oversold on the daily and weekly. There are no obvious signs of reversal with a cluster of small body candles or some long wicks. If it breaks $44 then the next target would appear to be the GFC low ~$32. I think it will track sideways or bounce slightly at this $44 level in the next week or so before a more definitive move. Don't know if there is a catalyst to crack that $44 level though. The oil market isn't as easily moved as gold...