Oil prices jumped by more than 4% on Wednesday due to the fact that scientists have developed a drug against the fast-spreading coronavirus. Looking technically at the H1 interval, OIL.WTI broke tke short-term sloping trend line and the commodity is now trading above the upper limit of Overbalance structure. Should today’s trading finish above $51.3 handle, the commodity may continue to move higher. But on the other hand, a return below $51 handle could see downward move accelerate.
OIL.WTI H1 interval. Source: xStation5