Another structure up is in the cards

Albeit the noise in the news about Covid & Co there is a forseeable impact on the reduction of oil output from July onwards on the physical side. From the technical side, there is a repetition of the W-pattern in the cards. Although, we are in a strong resistance area upwards, the W may form alright, maybe the upward move could be crippled at the $41.50 level. The green lines are strong RENKO resistance/support levels.

Before I'm putting cash on the table, I will wait until the W has formed and the retracement from $41.5 to $39.20 has taken shape, going in on the long leg.