Previous resistance points can be observed at $31, $33, and $35 from mid-April.
We could see this rise in Oil price reach one of these peaks, before heading back down as Oil storage reaches a maximum and a second wave of Coronavirus cases occur.
This drop is likely to happen over the coming week, so a good opportunity for a Short on Oil, potentially reaching $20...
We may be currently experiencing a peak before a plunge in Oil.
As world Oil storage reaches near-maximum capacity and a threat of a second wave of Coronavirus cases due to the early easing of lockdowns, the price of Oil may fall drastically to ease these factors.
The price of Oil may fall to lows of $20, or even $10, which are previous Support points.
Following the previous cycles of support, it appears that there may be an increase in oil price soon - a good opportunity for a Buy/Long.
However, the current dip has breached the previous support position, so the next hour or so should give us a better indication.