While anecdotal evidence continues to mount that the oil price slide should be ending and reversing, the actual price action remains defiant  and still under intense pressure on every rally effort.  Nonetheless, oversold conditions and the right look for downside pattern completion argue that we maintain a long position for a while longer -- looking for a rally that sustains above 62.40/45 to trigger an initial signal that oil indeed has turned up.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.