I see no reasons for more declines now to be honest. Bottom is reached at around 25$ see the doji candle breakout of the Bollinger Band . It's a great reversal indicator. The fundamentals is in place as well IMO for a further claim.
not sure it is bottom out yet. in may last year, after a double bottom in W shape was formed, there was a ups and downs period, followed later by a big downturn. but oil prices in 20s is painful to saudi although they want to take market share back from shale producers
No we can ofcourse never be sure if the bottom is reached, but Iran was eager to get the pumps going again....but now after some time I think they as well see they're better off with at least somewhat higher prices. CME fututres point upwards as well...which I use as one of my indicators as well. We got a finished W there yeah with handles on both side...I just don't think it is a working continuation signal here anyway..would rather rely on the fundamentals with oil