There are 3 major factors kicking in for a long position.
1 - BIG support on an increased Inventory levels 3M higher than forecast
2 - Gap highing from 100 day MA, can see a pullback to it
3 - Corona getting controlled on China end, seen as a low % infection rate virus
Things to see in the near future:
OPEC cut decisions in March
USA Iran talks, USA China talks
Trump tweets during impeachment period
Reference EIA report:
Latest Release
Jan 29, 2020
Actual
3.548M
Forecast
0.482M
Previous
-0.405M
1 - BIG support on an increased Inventory levels 3M higher than forecast
2 - Gap highing from 100 day MA, can see a pullback to it
3 - Corona getting controlled on China end, seen as a low % infection rate virus
Things to see in the near future:
OPEC cut decisions in March
USA Iran talks, USA China talks
Trump tweets during impeachment period
Reference EIA report:
Latest Release
Jan 29, 2020
Actual
3.548M
Forecast
0.482M
Previous
-0.405M