Believe, from here, it could either retest bottom of channel of 3.20-> bounce to rally. Or it consolidates before breaking above (a longterm downtrend); Or big volume, fire power shows up; bullish once breaking above 4.10-4.20 levels. TP at 5-5.20$ range, re-tests 4.20-4.50, before moving higher. Catalyst will be WTI and XLE/XOP markets.
Fundamentally I believe the narrative of "bad oil" will change once technicals align bullish, and whole XLE shows strength; narrative will change to "we still need oil" hence these media analysts hate to look bad/wrong. Once XLE shows strength, people have a very short sighted memory, but we may see soon.
Fundamentally I believe the narrative of "bad oil" will change once technicals align bullish, and whole XLE shows strength; narrative will change to "we still need oil" hence these media analysts hate to look bad/wrong. Once XLE shows strength, people have a very short sighted memory, but we may see soon.