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Crude: Brent stages short-covering bounce from $30

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Both oil contracts dipped into the $30-a-barrel territory this morning before bouncing back sharply, driving stocks higher with them. The rebound looks to be driven first and foremost by technical factors, as described below. The short-covering bounce may have also been triggered by speculation over an extraordinary meeting of the OPEC in "early March" to address the slumping crude prices. The oil cartel’s President, Emmanuel Ibe Kachikwu, said that the cartel had agreed at their previous

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