Oil Possible Retracement?
Updated
Mnuchin said the US will purchase 77 million barrels to re-fill the strategic petroleum reserve. A positive headline on pharmaceutical treatments changing the overall sentiment for now which helping rebound on comdolls and some equities. I would not say an overall reversal but this kind of positive reports may shift the sentiment for a short period of time which can help commodities and risky bets to rebound at certain level.
Note
Trump: FDA has approved chloroquine for use in COVID-19!Note
Trump: Chloroquine is a generic drug that is now approved for use. Gilead's Remdesivir is 'essentially' approved too.Note
The US is mulling a diplomatic effort aimed at getting Saudi's to cut production. May seek further sanctions on Russia. The strategy follows US oil companies lobbying to get the president to ramp up diplomatic intervention. The goal would find a way out of the price war that has seen the market plunge over the last week or so.Note
Nice try yay it hit 27! If this retracement works perfectly 38.20% may be a case in coming weeks Note
It hit 28 now yay! Retracement was valid! 
Related publications
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.