Oil bounces 3% from the session low. What's next

Technical Analysis

Author: Adam Button | oil

Nice rebound

Nice rebound
Oil closed the gap from the the Saudi Arabian attack today in what's been a two-week whirlwind. It jumped 15% to start last week but had given it all back at the low of $54.75 earlier today, largely on a Saudi cease-fire in parts of Yemen.

However it's come back to life in the past how in a quick move up to $56.18. That trims today's loss to 22-cents.

Iran has been in the headlines on some back-and-forth on meetings and sanctions. There was also a mistranslated piece that caused some confusion.

There isn't a good fundamental reason behind the rebound but technically it has some backing as the gap now looks to consolidate.

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