The Nymex crude oil futures market has rebounded from last week’s four-month low, but a price downtrend remains in place on the daily bar chart. The bears still have the overall near-term technical advantage. The bulls are now working on putting in a price bottom in the crude oil market, but have more work to do in the near-term to suggest prices have hit bottom. It will take multiple closes back above chart resistance at $80.00 to better suggest the oil market has put in a near-term low. Stay tuned! Jim Wyckoff