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Crude Oil Technical Analysis – Dead cat bounce or the start of a rally?
Crude oil has been on a steady downtrend since the end of the retaliations between Iran and Israel that eventually marked the top in the geopolitical risk premium. The selloff continued as we got some noise from the cease-fire negotiations between Israel and Hamas. More recently, we started to get news about speculations that OPEC+ could extend the voluntary output cuts into year end. The group meets on June 1st. On the daily chart, we can see that crude oil fell below the trendline yesterday but eventually rallied back above it leaving behind a hammer candlestick pattern. We have a resistance zone around the $81 ... (full story)