$5.37 to $6 range has been support/accumulation 6 timesSince June 2022. Surprised to see it possbily go there abain. But it is what it is. If it breaks through the 200DMA and doesn't hold or bounce back from $5.37 low in September... I can't imagine where this will go. $4? $3?
What would be the big driver in oil demand? For now, China is out. OPEC adding supply and global recession of supposedly 'epic proportion' on the way. I don't see a bull story other than low inventories and technically 'tight supply'. Will need another war as the current one isn't enough apparently. Or will need a sudden turn-around on the interest rates. So guess we'll see.
The good news is bear markets make for bull markets.