Crude Oil: A Temporary Bottom?

Three days ago, WTIC broke its January low at USD43. Yesterday, it came back above that low. This is a support break that did not hold. If it accompanied by increased volume, this could be a reversal. Alas, the volume was actually smaller. Nonetheless it could be a temporary bottom; thus setting the stage for a technical rebound.


Chart: WTIC's daily chart as at Mar 18 2015  (Source: Stockcharts)

Based on the above, O&G stocks could stage a rebound after the recent sell-off.

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, O&G stocks.