After the G20 summit the oil price on Monday has delivered a nice start gap and since middle of October the first time bullish signals.
But what exactly happened? The chart only represents the reduction in Oil production by Russia and Saudi Arabia. Qatar delivered the final pulse by leaving the OPEC. These are two reasons for today's outbreak.
Last but not least, there was a jump with today's gap from the downside channel since mid-October . In the next few days a new bottom should be formed above 53-54 dollars to be able to assume a turnaround.
I will enter the market with a long position at 51,80 $ - targets are drawn in the chart