The Nymex crude oil futures market on Monday dropped to an 11-month low, but then rebounded strongly to produce a technically bullish “selling exhaustion tail,” where by selling interest dried up at the lower price levels and prices rebounded quickly and strongly. That’s one chart clue that a market bottom is in place. However, crude oil prices are still in a downtrend on the daily bar chart and the bears still have the overall near-term technical advantage. Bulls will have to show more power soon to better suggest prices have bottomed and that a price uptrend can be sustained. Stay tuned! Jim Wyckoff