USOIL
Recap on what happen last week, Oil retrace back to $10 low before recovering to top near $20 mark.
We can see exponential MA and strong resistance area at this current price point.
Bullish anticipation of reopening on the economy in the US have backed bullish sentiments.
Our analysis is that currently there are no specific date of the reopening of the world economy yet, Note that at this stage it would be "easing on the lockdown" , Not fully re-opening of the economy.
Demands would pick pace at a very slow rate, whereas supplies after the 're-opening' would surge at a faster pace.
Note that oil is produced at a constant pace, when demand takes time to recover, as majority of the population would still be in the fearful state.
This would lead to in-balanced in the supply-demand area.
Our conclusion , Wait for the dipped in oil price before entry .
Long call to $30 .
Things to note , Fleet Of 28 Saudi Oil Tankers Could Send U.S. Oil Prices Crashing In May.