Well i'm not someone you should listen too, but since you asked, I feel like there's a lot of mess around that area. The last high before the drop. A sup/res area. And a measured move. Since it's been so choppy, i'm just taking the lowest price out of that mess as my target. Might just stop me out, though
I recall the OI for last contract at expiration was 45k or so. The current OI for Jun20 is 261k. I bet these are mainly longs, who will need to close out before expiration. We may see the same play from last month, but magnitude may be less.
It depends on your style of course, but for me steady trends OR clear ranges even when they are tight are my favourites. I made almost 25 pts after commissions scalping today, definitely a good day. So yes, I am bragging on that one day I am doing well, but my point is also that you don't always need spectacular moves to make money.
Both WTI (CL) and Brent crude up today on hopes that openings will result in increased demand. Bloomberg TV had a Texas Railroad commissioner on and he indicated they are NOT going to vote for proration/allocation of domestic oil production tomorrow.....and likely to let the market determine the price. Big mistake IMHO given the current huge supply/demand imbalance.