Oil hit lower boundry of short term channel

As of today, oil has hit the lower boundry of a short term channel. In case price can hit through it significantly, it would be the message that price can go down to the lower level of a long term channel and hit the price of US$ 17 of Nov. 2001 as an intermediate turning point, which could give us a trading range back to US $ 19/20. I don't believe that we will get very big swings now looking at the physical situation of supply glut and storage fascilities. Nevertheless, trading swings could be great on individual days, like today !