Buy crude oil now

Crude oil has plunged over 5% within just 2 weeks, from over $100 to $95 now. This is a rather drastic move. Technically speaking, crude has been quite oversold and is poised for a rebound, probably a significant rebound. Using the technical indicators as a guide, I really think there is a good chance that oil will jump back in the near term and there is at least a great short-term opportunity for profit. USO is an ETF for tracking crude oil. As you can see below, it is flirting its lower Bollinger Band and RSI is sitting right at the oversold territory at 20. In the past year, USO has dropped to RSI 20 four times. And as you can see from the red line, each time, USO climbed back in the next few weeks toward its 50 day moving average, which is around $37. Although no guarantee and speculative, I think this is likely what may happen to USO to move up toward $37 in the next few weeks.