Both oil price and stocks rebound strongly after US President Donald Trump said Saudi Arabia and Russia will be “cutting back approimately 10 Million Barrels” of oil production to ease pressure on price.
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WTI crude oil hit as high as 28.66 but retreated back quickly, gyrating around 26 handle. Technically, we’d maintain that firm breka of 28.39 resistance is needed to confirm short term bottoming at 20.40. in that case, stronger rebound would be seen back to 55 day EMA (now at 39.26) which is inside prior gap. Failing to sustain above 28.39 will bring down trend resumption through 20.40 sooner rather than later.
