May is the month where OPEC and Russia meet once again to discuss an extension of the supply cuts. This creates a bull euphoria in the market, which combined with the technical indicators can make oil rocket to a (minimum) price of $55 (previous DCH). The 10DMA started curving upwards, whereas the RSI has a lot of room to move to the upside. Furthermore, volume started increasing today, which is a good sign of a trend building.
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$52 Incoming
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Very unepexpected. This is quite dangerous, keep your stops tight.
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It bounced off a major trendline. This could be a butterfly on the 1H, but still need confirmation by breaking the 10DMA on 4H.
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Bulls giving it their everything. I am doubling down on my position.
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Trade closed manually