Oil is still red but has recovered a bit. It is trading at 68.55. Using the intraday charts, it does seem that the low at 67.06 is also set for the day. In fact and using the intraday chart, Oil has built a bullish flag formation that if broken (a new high on the day above 69.47) would offer a rally with a 70.64 objective. A monthly close (today) above 70.50 would prevent the chart from giving another negative (but small) sign of weakness. It would tend to somewhat negate the drop seen this week.