Move to $40 complete bearish head and shoulders pattern in play now
We now see oil prices back to previous levels before it broke out of the bullish flag prior to this. Will US reopen their economy? If they do then surely demand will rise again, if not it will also be stalled from further Dramatic demand Increases.
Last image didn’t show overhead gap, economies continuing to open up and talks of international travel between certain countries being discussed. China also resuming as much industrial capacity as possible.
Bullish if this flag plays out, We are now pricing for August prices, world economy is opening up slowly
Would expect buying to pick up substantially here, traders and buyers now trading for June contracts, lots of countries heading out of lockdown in May