The Nymex crude oil futures market remains in a downtrend on the daily bar chart. However, the recent low is an area where the oil market has bottomed out in recent years. A drop below the February low of $49.31 would be a bearish omen to suggest another leg down in prices in the near term. My bias: more sideways and choppy trading–barring a major meltdown in global stock markets that may be caused by the coronavirus outbreak intensifying. Stay tuned!–Jim