Looking at it from a technical analysis, if the price of Oil makes that "double dip" (W) with the RSI or MACD having a higher low on the second dip, we may be looking at the price of oil potentially breaking out of this uptrend channel and creating higher highs. Ofcourse, the fundementals of an increase in US production and from OPEC may drive prices below the uptrend channel for lower lows.
Comment:
Setting my buy in at $64....If the OPEC meeting on June 22 goes sour expect price to drop to $59 range.