Oil Price Ranges of Importance - Big Picture

Looking back 17 years, there is a range referred to here as the “rejection range” which is usually bounced off of and occasionally penetrated, but only after rejections. Price is currently in the same situation as it was in Aug 2011 (see “we are here” arrow on chart), having formed a top and entered into the rejection zone for the first time since leaving the topping range. If the rejection range holds, and history suggests that it will, price should not go any lower than $75 before bouncing back up to the topping range which begins at $106.55.
This idea does not suggest going long right away, because more downside is possible from here, but it does suggest going long if we reach $75 and it does suggest trying to go long above $87.22 if you believe a bottom has been established. Price target = 106.55 if being conservative, 109.50 if being liberal.