What do all of the tinted areas below have in common? Those are the zones where folks figured crude oil had “bottomed” and was, at long last, rallying. To my way of thinking, there is nothing to prevent oil going into the 40s…or the 30s…or the 20s. A few minutes of stability does not a base make. The chart below, incidentally, is just the past couple of weeks on a minute by minute basis.