23.5 looks like an important level, though its not clear whether it will hold as support. The technicals to me look somewhat bearish, but there's a strong (perhaps stronger) case for SCO to keep declining if oil bridges the gap it is approaching due to increasing demand and supply cuts.
The trend I referred to in my WTI chart earlier today: possible long for the inverse ETFs if oil can’t fill the gap; however this trend on SCO could just as easily not hold if oil does manage to fill the gap due to reopenings.
No particular bias here, but I have been watching as oil tries to fill the gap above the 35 level. I’m not yet sure if it will break out because there’s not much stopping it until 41. I’ve been watching some oil ETFs that seem to suggest a clearer possible trend that oil won’t be able to fill the gap just yet, but given the recent volatility, that trend in the...
