Quite Some Chatter today on Oil Prices (Daily and Weekly Chart XOIL)

My early morning news today greeted me with broad announcements of the falling gasoline prices across the city.  Even a bold reference to sub $1/L fuel come summer?  With today's announcement of essentially a draw at the OPEC meeting regarding production adjustments, oil regained a good chunk of price real estate and ended the day up $1.65.  


Technically the charts below suggest oil right now is at the bottom of an up channel dating back to the lows of early '09.  These charts do not scream lower prices to me for oil on the immediate horizon ---- yet.  If price breaches the long term trend line and closes definitively below, then the next test will be if it was a false break down.  Manage your expectations, and you will master your trades.