I believe that oil prices have provided enough signs that an important low is in. We should now 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 regarding that a new uptrend has started.
With the 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.
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