Oil is boiling again today, rising $5.62 to $110.27 in the US.
At the start of the month, there was a rapid rise from $95 to $130, but the move was fully retraced. We are now seeing a second bounce which is certainly more than a dead cat bounce so far. The rally comes despite new signs of an Iran nuclear deal and the rise of covid in China.
The level I’m looking at next is $112.27, which is the 50% retracement of the recent decline, followed by the 61.8% level at $116.66.