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Too early to pick a bottom in oil: Charts

The price of oil displayed in Midland, Texas, on February 4, 2015
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The price of oil displayed in Midland, Texas, on February 4, 2015

West Texas Intermediate and Brent crude prices finished last week at their lowest level since March, posting their fourth consecutive weekly decline, driven by the double whammy of a weakening Chinese economy and a rising rig count in the U.S.

Meanwhile, market watchers seem to be coming out of the woodwork to try to find that magic level that oil prices become a good investment opportunity again.

One quick and easy way to find potential value is to let history be your guide.

Financial markets have a memory, at least the people and institutions that invest in them do, so seeking out historic levels where prices had previously reversed direction is a good place to start.

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