Not only technical analysis, but also we have real movement on the ground. Khalid Alfaleh will be in a mission to end up the price fight between Saudi Arabia and Russia. He is the one who made it last time on 2017, and has a great trust&respect from Russian politicians. He probably will successfully push up towards a new OPEC+ agreement that will cut the crazy supply from the world oil producers.
The demand of energy has been deeply decreased as the coronavirus spread started from the most popular international consumer, China, but the need of oil will be always existing. Too many countries will find this crisis as an opportunity to fill their strategic tanks, either for long or short run, as they expect higher prices in the future. This affection will be negative for the market in the long-run, which will push all crisis sides to get together as soon as possible.
Warning ⚠️
This is only an idea, do not take it as a financial advice, do your own work and share it as I do.
The demand of energy has been deeply decreased as the coronavirus spread started from the most popular international consumer, China, but the need of oil will be always existing. Too many countries will find this crisis as an opportunity to fill their strategic tanks, either for long or short run, as they expect higher prices in the future. This affection will be negative for the market in the long-run, which will push all crisis sides to get together as soon as possible.
Warning ⚠️
This is only an idea, do not take it as a financial advice, do your own work and share it as I do.