After US positive data, China possibly lowering demand and inventories with an Oil flood, the 50-55 range was broken, though these prices under 50 do not really benefit shale producers or OPEC (and therefore could not be 100% sustainable if demand doesn't decrease further), we could have a longer dip to $46 (watch weekly chart I will share) and then maybe a recovery. Fundamentals are as volatile as the market so hardly any prediction can be too exact right now.
Note
So, all else being equal, in the weekly it also looks like we could have further downside to $46 meeting other technical points that are becoming attractive.Note
Note
A change to normal scale (suggested by an user in the chat) could support even more the short term bullish case to around the 51.6 resistance Note
First movement accomplishedNote
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.