TECHNICAL ANALYSIS

You can’t even keep the oil for a day


Crude largely resists downward

crude oil

Even the difficult days are impressive for oil.

WTI crude oil fell to $ 30.72 earlier today, but climbed to $ 33.11, down 2.4% only after falling more than 9%.

Seen one way, petroleum earned nearly $ 75 in one month. Even if you exclude the events around April 20, the rally from $ 10 was a spectacular one-way exchange.

I am impressed and surprised at the magnitude of the rebound and the speed with which the market has rebalanced. With that, I am very skeptical about its ability to take into account the extent of the destruction of demand and all the crude on the ships.

That said, it is a difficult trend to combat. I am watching the mid-March high of $ 36.25 as a key resistance closely.

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