Oil this year so far has declined in each of the trading day, wiping out a fifth of its value. However today price seems to be on the way to stage a recovery, at least a pause. WTI is currently trading at $30.8/barrel, up 1.2% for the day, while Brent is trading at 31/barrel, up 1% for the day. Few positive pips, however posing considerable doubts that it might drop to negative heading into New York session.

Last two decades of data analysis suggests, selling might be getting too extreme, so a pause in selling is very much likely, even if oil drops further.

In last twenty years, it has been only handful of times oil has tumbled for consecutive seven days or more.

• There has been about 10 instances, when oil price (WTI) has declined for seven consecutive days.
• 5 times it has tumbled for eight consecutive days.
• And only once it has tumbled for 9 consecutive days back in 2009 before break or reversal.

Going by history, oil might be approaching some sort of break ahead.