Not convinced of this oil rally

28 May 2016

Oil has made a U-turn ever since bottoming out back in February. While the move up has been impressive, it doesn't look like a true impulse to the upside. There is a lot of squeezing and forcing taking place. Though I am not a fundamental trader, I do believe this is an example of where fundamentals and technical analysis complement one another. Be on alert on June 2nd with OPEC.