WTI-USOIL is near a key support...but we need one more leg down

These is the long-term weekly chart of WTI. We can see price is holding near a very strong support level but has not quite touched it. RSI analysis tells us we can have one more leg down, but if not and the price holds we can say we have hit the bottom and price will rise gradually.

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As predicted this was the time for bottom and we have had 20% increase in price, which is very significant for Oil.