( Not trading advise only analyze only. )
H&S forming on weekly chart, if the data comes out good, and the production cuts are met, we wil probably see a new bull run into the 61.43 area in may.
Will wait and see what the Trump administration will do about the production. as it seems now he's a great speaker to pump more and thus we can see a very low oil price which may extend down to $ 40-45-40$
Another scenario is the US supplies the market with oil that OPEC are cuting in there production and thereby overfloat the market with oil
H&S forming on weekly chart, if the data comes out good, and the production cuts are met, we wil probably see a new bull run into the 61.43 area in may.
Will wait and see what the Trump administration will do about the production. as it seems now he's a great speaker to pump more and thus we can see a very low oil price which may extend down to $ 40-45-40$
Another scenario is the US supplies the market with oil that OPEC are cuting in there production and thereby overfloat the market with oil