Bought DXO this AM @2.51, IMO this fall to 2.43 is not supported, and it will regain strength. I waited until DXO gained horizontal support @2.50. Looking to backtest the trading channel and pennant it fell from at about 3.00. I believe the May contract expired today, which might of had something to do with the price change, although I believe the June contract is higher. I am not sure what effect contract changes have though, perhaps someone knows? I can read charts, but don't know what the oil traders are doing. It just seemed to be a good buy, and had chart support. Also, I noted that the dollar was quite overbought, and this affects asset valuation. When the dollar falls, we will get a pop in oil. I feel like a currency trader, when I am trading oil. The same goes for the metals and metals industry and solar, which follows oil.
http://www.nymex.com/CL_term.aspx