Gold and silver weren't the only commodities hammered down ruthlessly last week, it just seems like it.
Oil was also hit hard. No offense to longs, but the last thing we need at this stage of the game is parabolic oil prices; nevertheless, oil could regain traction and rebound, and there are two targets to watch in the charts below.
If the Oil ETF falls somewhere to the $24.19 area, it's a place to try bottom-fishing with a tight stop. There is no point getting stubborn if a bounce fails there, as any significant pierce of that level will likely see a further slide, to as much as $21.53.
People were buying dips the last time oil went on a tear and by the time the dust settled, a lot of traders were left holding the bag.
Oil ETF (iPath)
