what a nice recover on OIL, with all these turmoil I am so happy to see a lot of green candles today)
however, though the market recovers, it is too early to talk about trend reversal.
pay attention to 30.0 level, it is the first strong resistance level based on a match between a falling trendline, horizontal structure and 618 retracement of the last bearish leg.
I will be looking for a signal within the underlined zone expecting a bearish reaction from it.
however, if bulls manage to breakthrough, next goal for buyers will be 35.0 level.
good luck!
please, support the analysis with like and comment! thank you!
Conducting pullback before the impulse move to up side.
Antonio_trader
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Nice trend line at a key level if it gets confirmed! Positive momentum on Trump's comments yesterday to intervene in the price war by buying lots of oil to support the shale industry in USA. Also, there is talk that Russia is ready to talk with Saudi Arabia.
We also have Central Banks pouring stimulus across the economies and this morning so far markets took a breather. Let's see if it lasts. For now waiting to see the effects of the lockdowns and what it will do to demand for oil.