Every couple of minutes we are reminded of the price of crude oil (and the yield on the 2-Year and 10-Year Treasury and the direction of the U.S. dollar) by various financial media outlets. You cannot escape it and even if you do you are going to see the price of regular and hi-test gasoline on your next trip to the supermarket. 
So, let's check out the charts and indicators on crude oil and get ready for some "pain at the pump."
In the daily Japanese candlestick chart of the "continuous futures contract," below, we can see that prices declined from early June to late September. They then rallied into early October and then made what I believe to be a successful retest of the late September low. Prices are now creeping higher and are trading above the 10-day and the 20-day moving average lines.
The daily On-Balance-Volume (OBV) line is turning higher and the Moving Average Convergence Divergence (MACD) oscillator is poised to move above the zero line for a new outright buy signal.
In this daily Point and Figure chart of the nearby futures contract of crude oil, below, we can see a bottom pattern with a $98 price target.
In this weekly Point and Figure chart of crude oil, below, we can see a potential longer-term price target in the $127 area.
Bottom-line strategy: We can debate the direction of the charts but the reaction to the announcement of further sales of oil from the Strategic Petroleum Reserve is cut and dry as it did not precipitate further declines -- so the upside is in play, in my opinion.
