Oil's rout
Oil certainly witnessed the mother of all black swans. A combination of Saudi/Russia price war (more supply) + coronavirus driven recession (less demand) has pushed oil's 14 week RSI to one of the lowest readings ever. While this is lower than what oil witnessed in 2008, it can only be compared to the 1983 and 2014 oil crashes:
When oil's RSI was as low as it is today (17), the 2 other historical cases saw oil fall even more over the next few weeks and months:
But from a slightly different perspective, this is the largest 5 week crash in oil's history. This is a bullish factor for oil.
Overall I don't have an opinion on oil. It's easy to take the contrarian stance and proclaim "oil is down a lot, sentiment is extremely bearish, so I'm bullish!" But as I've repeatedly said, it is extremely hard to consistently and profitably trade commodities over a 10-20 year period. Don't misinterpret luck for skill.