Main items we can see on the chart:
a) From the Contracts going to negative territory in April, we saw a huge reversal movement
b) Currently, the price is moving between 40 and 35 US Dollars a barrel
c) Based on the Support zone the price is on, we are waiting for a retest of it, as the first corrective Structure
d) If that happens we will have a clear correction (ABC Pattern) supported by a major zone
e) That will provide us with a high-quality scenario to look for long setups towards the next resistance zone.
a) From the Contracts going to negative territory in April, we saw a huge reversal movement
b) Currently, the price is moving between 40 and 35 US Dollars a barrel
c) Based on the Support zone the price is on, we are waiting for a retest of it, as the first corrective Structure
d) If that happens we will have a clear correction (ABC Pattern) supported by a major zone
e) That will provide us with a high-quality scenario to look for long setups towards the next resistance zone.