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The last two times oil got rejected at $50 it headed below $35. The rejection off $50 this time, the price drop looks much more shallow. It will be interesting to see if it drops convincingly below $40 but the oil bulls definitely seem to have put up a fight.
Jan 31 03:49 am
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All Comments by bryanz »Don't Expect Oil Prices to Break $50 Until Q2 - FirstEnergy Capital [View article]
Future cuts in production, even considering the oversupply that's got oil tankers being used for storage, seem to be making the bears cautious?
Looking at the 3 month chart, oil has made a series of higher lows since December. A break below $35 would be a strong sign for the bears. If it can hold above approx $37.50 on this latest down leg, it may be a buy signal (at least until it gets rejected at $50 again).