After the huge selloff caused by the worse than expected tariffs announcement on April 2 and the surprising production boost from OPEC+, the sentiment in the crude oil market deteriorated meaningfully.
More positive news on the trade war front should keep the market supported, while further deterioration could weigh again.
The sellers will likely step in around the resistance with a defined risk above it to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to confirm the pattern and increase the bullish bets into the 72.00 handle next.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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