Is oil price due for a technical bounce?
Now that we know what's the position of the OPEC countries regarding the oil supply and that it was rather expected already, we can infer that most of the move is priced in (audacious statement!). Let's assume part of it is priced looking at the chart the next key technical support is found at 56.90$ and the oscillator is deeply oversold hence limiting further downside potential. It could be interesting to play a bounce at 60$ hoping that this bounce doesn't transform itself into a falling knife... The first realistic target should be found at 70$. This trade remains highly speculative to my eyes but I still wanted to share this observation with the community.