Crude Oil Talking Points:
- Crude Oil[1] prices have spent this week with narrowing price action after a gap-down was followed by a fast run to a key support zone on the chart. The $60 level has helped to hold the lows, for now, but can sellers continue to push in order to create a deeper retracement?
- As risk aversion themes have re-emerged this week[2], the big question is whether buyers can remain on the bid for the longer-term setup in Oil. Prices have moved up by as much as 50% from the Q4 lows, making for an overbought scenario as of a couple of weeks ago.
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Crude Oil Congestion After Pullback From Bullish Trend
The bullish trend in Oil prices has started to pull back, and this comes after a 2019 theme of strength that saw Oil prices rally by more than 50% from the Q4 lows[11]. Crude Oil[12] pushed up to a
