Crude Holds Below Support Zone
The daily bar chart shows Crude has broke down through a support zone, which will now be resistance. The RSI is well below 38. I consider RSI readings on a closing basis below 38 to be a sign of negative momentum and sets the trend to down. I do not see this as an oversold condition that means the market has to rally. It might, but I would respect the trend.
The TradeFlow chart of the crude oil traded on the Globex shows that sellers are continuing to dominate based on the TradeFlow Cross Study. I would keep track of which line is forming the highest peaks, the buy volume line (green) or the sell volume line (red) for an indication of the short term trends. At the moment, the sell volume line is peaking above the buy volume line (green).