The overall trend has been downwards this year (even before covid-19). Brent has lost some momentum since it's getting overbought and the extended fifth wave is completed. At this point we have completed a ABC correction and started an uptrend again. I'm not sure if we are closing the the top of a B wave in a downtrend or at the start of a new uptrend. The...
Dosen't get much better than this. Heat wave and bankruptcies will spike the price upwards.
I think there's good potential for some fireworks happening around 36.6 area when July Contract starts.
I have a neutral positioning though due to the extreme volatility we're seeing. Just shorting the tops until contract experation then I'll go long.