Probably safe to trade the bounce here
Oil has come under pressure over the last few months but has now traded down to just above a rather significant support level. The $71.71 level (give or take) has been rather significant since early 2020 when it was resistance. Since then, it has turned into support, and now Brent has come down to test it as support once more. Our thinking is that it would be a safe trade to go long for the bounce here. At the very least we will know quickly that we are wrong if the support level fails. At best, we can get a great entry to trade Brent back up to around $90.
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