Draw your own conclusion after having a look at this.
1) the news flow is still very bad but WTI climbed more 36% from bottom. This could be expressing a lack of ability to go lower and be bullish by opposition.
2) From a technical point of view, this would very much be an acceptable bottom
3) Going lower would offer too great an entry for strategic longs.
4) The positioning could be full of traders trying to sell on each rebound and getting fried.
Locally, a move to 60/61 looks likely, after which it shall recede but maybe to provide great long entries again.
i am not sure about the conclusion but the information are good to know.
IvanLabrie
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I think it'll fall sooner, down to 40 give or take.
Justiceisfalse
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It's definitely a big bounce with bad news and rough fundamentals. There will most definitely be a pullback but are the big COT buyers going to keep coming to the table? Will be interesting to see how it plays out.