I believe that Oil prices have provided enough signs that an important low is in and that we should expect this reversal to unfold into a bigger move higher. Key short-term resistance is found at 44$. Breaking above it will confirm my view that the low is in. Price is trading still below the Ichimoku cloud in the 4 hour chart but the form the of the latest rise is telling me something new has started.
The Daily chart however is more convincing that a new uptrend has started.
With first target at 48.60$ and next at the blue downward sloping trend line, I’m very confident we have started at least another strong bounce similar to the ones that occurred in April and May.
Thank you for taking the time to catch up on my thinking.