USO Short-Term Reversal

Not much time to write my underlying thoughts on the fundamentals at the moment, but in short I am contrarian. Production caps don't resolve the shortage of storage in the United States. Moreover, the glut will continue in the presence of weak economic data. I suspect this to be yet another false potential breakout to the upside. Note CL1 (Day Chart). We've been trading in a downward channel for an extended period of time now.