Oil sees earlier gains of around 4% pared for the most part
Price is now back under $ 23 amid a gradual fall over the past few hours. The 200-hour MA (blue line) is still keeping any topside price action in-check today as sellers continue to maintain near-term control at the moment.
Ultimately, it is still better than nothing I guess. However, it isn’t going to lead to any major rallies in oil prices as long as coronavirus developments stay the way they are.
There is further support around $ 22.20 from the near-term trendline support outlined above before the $ 22 handle comes into play.
Beyond that, another test of the $ 20 looks likely but just take note that markets are thin amid the Easter holiday across Europe and Canada later today.