Technically
- The price has retested the channel support which implies that there is a possibility for pull back.
- Also the momentum is still strong as can be noticed from MACD 4C
- The 30 period MA is sloping upward
Fundamentally
- The economies are opening up from Covid19 pandemic which will likely boost demand and Oil price
- On the supply side, the crude inventories are also declining on weekly basis which is also good for oil price.
I have initiated a long position at current price with first target around $39.50
- The price has retested the channel support which implies that there is a possibility for pull back.
- Also the momentum is still strong as can be noticed from MACD 4C
- The 30 period MA is sloping upward
Fundamentally
- The economies are opening up from Covid19 pandemic which will likely boost demand and Oil price
- On the supply side, the crude inventories are also declining on weekly basis which is also good for oil price.
I have initiated a long position at current price with first target around $39.50