Oil markets signalling a crash soon?

most investors are oblivious that oil is highly susceptible to rejection at $70 which sits in very close approximity to the powerful monthly 200 ma that has been acting as resistance for oil for many years. Rsi divergence and overextended stochastics appear to be ready soon to turn around. One must understand that markets work in cycles and visible signs of price exhaustion can be seen in the charts especially in the leading sector NASDAQ which normally makes the move before other markets do making it a leading indicator.