We are seeing some what appears to be genuine demand after hitting enormous lows. I think the buying is genuine, however I also think that the move is a pullback move only to the minor highs and will NOT start a new agenda (A new trend). I think the main trend is down and I think due to the massive resistance ceiling I can say this with a lot of confidence.
When trading this it is worth watching USDCAD with this trade, as it will inevitably move hard when Oil breaks the 2009 lows (I suspect Oil will grab a lot of momentum when it breaks the 2009 lows because it will provide a rare technical opportunity to short Oil off of high probability momentum.
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Best of luck
Reuters apparently stated that the cold weather snap on the East US coast was the cause for oil to increase???? My understanding is that Nat Gas will increase for cold snaps in the US and not oil