Oil prices snapped a 3-day losing streak on Thursday, and whilst WTI crude didn’t quite meet the minimum objective of $80 – near the 61.8% Fibonacci projection, it came close enough to suggest a swing low may have formed. A bullish RSI has also formed on RSI (2). The Jan and April highs provided support initially so may provide resistance – but ultimately I suspect a bounce from current levels could be due. Whether this markets the end of an ABC correction and strong rally remains to be seen, so I’ll keep an open mind for its upside potential (or lack of from here). But if we see evidence of a swing high forming on ... (full story)