Fawad-Razaqzada

WTI crude holding key support for now, could squeeze shorts

NYMEX:CL1!   Light Crude Oil Futures
WTI crude oil has been testing the key psychologically-important $50 handle and long-term support for a few days now after a sharp drop on macro concerns (coronavirus hurting demand). Clearly prices are oversold in the short-term, but a more profound recovery will not come as surprise. Bulls need to see a daily close above short-term resistance at $51. This would also push oil prices above the bearish trend line seen on hourly and other intra-day charts, potentially triggered a short-squeeze rally.
Comment: potentially triggering*