$EPIC plunged from 0.4775 to 0.2112, a 56% drop, then rebounded nearly 30%. Is this a bottom or just a pause before another move?
First, look at where it is: the rebound turned down near the upper Bollinger Band at 0.3335. The current price is 0.2997, having recovered only about a third of the drop—still a long way from a “reversal.” All three RSI lines are between 55 and 59. That’s neither particularly strong nor overbought, suggesting this rebound lacks momentum and looks more like a recovery after an oversold decline.
Open interest is both a bright spot and a risk: OI has climbed rapidly from its lows to 15.01M, so new money has indeed come in. But with the price rejected near the upper band and turning lower, I suspect those who chased the rally are now caught around 0.31 to 0.33.
My view: the rebound is real, but a reversal is not confirmed. The Bollinger midline at 0.2700 is the dividing line between bulls and bears. If it holds, the choppy recovery can continue; if the price falls back below it, the previous low of 0.2112 will likely be tested again. If you’re bullish, wait at least for the price to reclaim 0.3335. At this level, it’s best to watch and wait.
#Epic #布伦特原油自5月来首次触及110美元
First, look at where it is: the rebound turned down near the upper Bollinger Band at 0.3335. The current price is 0.2997, having recovered only about a third of the drop—still a long way from a “reversal.” All three RSI lines are between 55 and 59. That’s neither particularly strong nor overbought, suggesting this rebound lacks momentum and looks more like a recovery after an oversold decline.
Open interest is both a bright spot and a risk: OI has climbed rapidly from its lows to 15.01M, so new money has indeed come in. But with the price rejected near the upper band and turning lower, I suspect those who chased the rally are now caught around 0.31 to 0.33.
My view: the rebound is real, but a reversal is not confirmed. The Bollinger midline at 0.2700 is the dividing line between bulls and bears. If it holds, the choppy recovery can continue; if the price falls back below it, the previous low of 0.2112 will likely be tested again. If you’re bullish, wait at least for the price to reclaim 0.3335. At this level, it’s best to watch and wait.
#Epic #布伦特原油自5月来首次触及110美元