Sforex
Short

Oil: Test resistance. The rebound is challenged.

NYMEX:CL2!   LIGHT CRUDE OIL FUTURES
89 0 2
Okay, Oil             had a great effort to escape negative zone below $30

Now Oil             stops at the key resistance level at $36


I see the last trading day is a Doji star.

This week, the rebound will face strong challenge.

If it breaks $36, then next resistance is 38.85 at Kumo cloud, but I'm not surprised if Oil             bounces back at key resistance.

The imbalance between Demand and Supply hasn't removed yet, so the downside risk still remains.

Why do we watch energy price ?

Because energy price has a strong link to the reaction of commodity currencies such Loonie, Aussie , and Kiwi.
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