Taking a look at oil through the lens of the IPath ETF - OIL, we see that oil is trying to come up from the lower line of its 12 month red downhill channel (shown in the charts below).
The oil bulls need to rally the wagons here in the face of really negative news lately on the oil situation. If the lower line of that channel can't get oil to move up, it could start a nasty slide down the line and possibly even drop down thru the red channel. A lot of eyes are watching the oil chart.
Trade well my friends