Top of the resistance trendline. Target 62

Here's a self explanatory idea. Reasons to support the idea.

1. OPEC+ agreeement to output hike
2. Lower demand globally
3. Raising covid cases worldwide
4. New lockdowns in some urban areas
5. IRAN nuclear deal in sight
6. China and India reducing imports due to high oil prices
7. USA, China, India and others are using their SPR to counteract the high oil prices driven wrongly by the OPEC+ cartel.
8. Summer season entering last 4 weeks production will change in 1-2 weeks.
9. Risk of derailing the global economy with high oil prices (it affects everything, from the tiniest thing you order in Amazon, to the transportation, groceries, basics...)
10. Increasing rig count in Canada and US.
11...

Cheers.