A break of this current trendline
would lead to a move up to $38. Volume
analysis indicates that the point of control is at $45, which coincides with bullish
sentiment. We are also currently at a point of relatively high volume
, with smaller nodes at price points above market until we reach the Point of Control. Looking at COT
data, speculators are net short while there is still plenty of open interest, For me it feels like a rally is incoming, at least to $38. Of course, there is dependence on OPEC. Some production was frozen last week, however this is very different to output cuts. On the first mention of an output cut coming out of OPEC would signify bullishness.
Not to be taken as investment advice.
Trading leveraged products carries a high degree of risk.