Charting is always in interesting and sometimes revealing tool in the investors tool box. Lines can be drawn from all sorts of base points depending on the artists point of few. I really think to get a true story of what is going on is to get rid of all the peaks and troughs, doing so will give us an oil price of somewhere in the range of $100/$120USD at this time.
It happens every decade or so since I can remember (1970s) that there is a plunge for one reason or another, only to see the price rebound plus interest. Oil will recover and it is just a matter of timing to get in before the analysts start spruiking to buy. They're probably doing it for their own portfolios now before they start flapping their arms around......I don't particularly like analysts.
Once things get back to an equilibrium (or sort of) then I would dare suggest that the price of oil will recover to where it was prior to the current dip. I do hold in one medium and one large energy producer.
