The Nymex crude oil futures market careened to an 11-month low below $55.00 a barrel on Tuesday. In less than six weeks’ time the oil market has dropped over $20.00 a barrel in price. There are no early chart clues to suggest the steep price decline is ending. However, it’s likely that majority of the down-move in this bear market in oil has already occurred. Also, the crude oil futures market is short-term oversold and due for a good corrective upside bounce very soon. See at the bottom of the chart that the Relative Strength Index (RSI) is presently reading 9.43. Any RSI reading below 30.00 suggests a market is overdone on the downside and due for a corrective rebound. Stay tuned!