Oil Spike: A Technical Breakout or Short-Lived Rally?
Technicals didn't predict the spike in oil $WTI Crude Oil - main 2507(CLmain)$ , but they did show a market primed and ready to rally given the right excuse (price bounce off a major long-term support level, big washout in sentiment and positioning)
Can it be sustained?
(that's the big question on everyone's mind, especially given the influence of oil on multiple different markets + macro)
Consensus says demand is weak and supply is flush, and there is that short-term price downtrend over the past couple of years to contend with ---but if you know nothing else and just look at this chart is has many of the hallmarks of an inflection point...
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