From a purely technical perspective I think we're incredibility close to a short term bottom now, even with a lower low in the weekly it is still printing a bullish divergence in the RSI here.
Currently, geopolitical factors plus the record short relative to longs position are a huge tail risk as seen today from the US EIA oil inventories (-3568K vs +1300K expected). Mainly a short covering event.
Keep a lookout for some reaction once oil hits $32. It could be a huge buying opportunity for UWTI or CL1! $44 call options.
Until then, the stage belong to the bears.
Currently, geopolitical factors plus the record short relative to longs position are a huge tail risk as seen today from the US EIA oil inventories (-3568K vs +1300K expected). Mainly a short covering event.
Keep a lookout for some reaction once oil hits $32. It could be a huge buying opportunity for UWTI or CL1! $44 call options.
Until then, the stage belong to the bears.