Oil Changing Trend - Slowly Moving Back Up

- Oil has stopped its massive downtrend - now pushing higher. Is the worst behind us?

- Fundamental outlook is slightly more bullish given a number of countries moving out of severe lockdowns - this will help drive demand and sort out the oversupply.

- Technically we have crossed the downtrending median line and we have targets at the upsloping median lines.

- Bottoming is a process and we expect prices consolidate and move in a measured way.