The Nymex crude oil futures market has made a good rebound from recent selling pressure that pushed prices well below $100.00 a barrel. However, see on the daily bar chart that crude oil prices are still trading below a downtrend line. It can be argued by the bears that the recent rally in crude oil prices is so far just a corrective bounce in an existing downtrend. The bottom line is that the bulls have more work to do in the near term to regain the firm near-term technical advantage by negating the downtrend line. Stay tuned! —Jim Wyckoff