Below is a chart with a simple trendline that Friday $10+ move dropped us below, on heavy volume. It appears in the premarket we got 45% of that back, but are still in the target zone that I'm looking at as where this move will go to. A lot going on, if you look at the previous chart I put up, you can see there was a big hesitancy on the drop down at the start of the pandemic, when the shutdowns occurred - no one really knows what this means right now. There was a big drop in July of this year, then a day of nothing, followed by a full recovery - yet later, the oil price drop continued until it bounced off the lower blue bound. If this starts to initiate shut downs, it will have an impact, and that could still happen, look at what Israel did. I still think we will get to the lower bounding trend line, and hopefully bounce back up. Who knows how much OPEC+ and Biden are really willing to fight over the price of oil? Whatever was driving the price down is still there, in the background. The MACD is in what I call a "Down Escalator" formation, and it will stop at the bottom.
For equities the kicker is the warm weather that is eroding NG demand and the high NG production, that could combine to knock NG prices down, which will give some opportunity if prices move down enough to stop the NG production surge.