The old adage proves true, that low prices cure low and crashing prices, and at least in oil, it is always followed by a big time recovery. According to data provided by Price Asset Management, history would suggest that prices of oil usually come back quicker than most people think.
Is that what you call ceasing military action? Just hours after Saudi Arabia announced that they would cease military action in Yemen the bombs continued to fall. Crude oil prices, that had fallen in response to the surprise announcement the day before, rallied even in the face of a bearish supply report.
Crude oil prices broke hard after the Saudi-led coalition in Yemen ended its "Operation Decisive Storm" in favor of what they are calling "Operation Renewal of Hope" that will focus on trying to find a political solution to the threat from Yemen.
To understand the time element of technical analysis one has to understand what makes a market change direction. On the surface we can all go back to Econ 101 and say the supply/demand perspective changed and that is true. But that is not always the case.