After collapsing last year, front month Nymex crude oil futures are this year toying with secular trend-line support. Media headlines as energy, and generalised commodity price weakness, takes global inflation to its lowest post second world war levels – making a mockery of central bank inflation targeting. On a quarterly basis, its RSI is at its most oversold since 1988. On monthly and weekly charts, the RSI is also oversold. It is quite close to support at US$32 per barrel, a level that was resistance during the 20 years before the frenzied rally to 2008’s record high. The drop from there is an A, B, C-type correction, which looks very mature. Proceed with caution.