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Crude oil bounces back

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude shorts are feeling the squeeze today, as both Brent and WTI contracts have bounced off their bullish trends around $47.00 and $43.60, respectively. Ahead of the US stockpiles reports this week and after a 4.5-day sell-off, I wouldn’t be surprised if oil finds a base at these levels, although at this stage it is too early to say whether the bounce will materialise into a rally, for after all similar rebounds recently have quickly faded. Indeed, sentiment continues to remain bearish on the

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