The negative trend that seemed to be pointing towards the up trendline created in November 2020 has been stopped in the last two weeks.

Various macroeconomic aspects are complicit, most recently the hurricanes that hit the Gulf of Mexico and slowed down the recovery of Brent production.
By the way, Crude oil has dropped a few points in the last two sessions, given the gradual but continuous recovery of US offshore production.

The trend remains bullish in the medium to long term, with the price of this ETC which is about to test the resistance created on the € 5.75 price level corresponding to $ 75.5 per barrel of the reference future (CL1!).

If the price were to break this price level, it would quickly reach € 6 and then aim for 6.50, which is very important in terms of volumetric analysis.

Obviously, crude oil production in this last quarter must be monitored.

In fact, historically, seasonality suggests a rather important decline between October and December, although we must remember that the coronavirus was the classic black swan that shuffled the cards.

However, I attach the reference chart.

Happy trading.

Lazy Bull
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