Time to revisit the daily chart for oil, and as I forecasted last week, the recovery off the plunge lower looked weak, and we could expect a reversal. That has proved to be with the WTI contract once again moving towards single figures per barrel as the combination of weak demand and a lack of agreement on supply continues to weigh heavily.
And it was the volume that gave a clear signal of what to expect next with a rising price and falling volume with oil prices duly reversing on Monday with further losses today.
Also, note the weakness of the price action in the rally, which also confirmed the fragile nature of the recovery. So expect further weakness and consolidation in this area, until a political or economic catalyst appears.
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