Not likely.

As you can see, Light Crude Oil ($WTIC) has formed a nice little downwards channel trend that stretches back all the way back from its November highs.

Combined with a Slow Stochastic (bottom of the chart) and the Relative Strength Indicator (RSI) (top of the chart) that show oil as approaching overbought, the indication is that oil prices will move down.

This morning, oil prices reacted negatively against that trend channel and lost value.

This confirms that the bearish trend line should continue and that we should see lower oil prices in the weeks ahead.

A great way to play this situation is to short-sell the United States Oil Fund LP ETF (NYSE:USO).

But now commodities aren’t so hot. That global slowdown is taking a knife to the neck of our old friend “demand”. And the ICE Exchange is slowly melting.

As you can see, the ICE has steadily dropped from a peak of $160 down to just under $60 a share.

Today, its Relative Strength Indicator (RSI – up at top) is showing the trend as weakening. And if you look at the Slow Stochastic (below the chart) it shows ICE as recently coming off an overbought level and heading down towards oversold.

That makes this a relatively low-risk short entry point.

ICE could drop down to its current support at $50 (which was the previous low) and should find a base there. That’s a nearly 15% gain.

And if ICE drops under that, you could see it for $40 a share.