Direct from the desk of Dane Williams.
After Oil futures went negative in May, the current June contract has bounced back to $20 like nothing happened.
Let's bring up the higher time frame chart.
WTI Daily:
With not a whole lot of past price action at levels this low, all traders have to rely on are psychological round numbers to base their decision making around.
This is shown perfectly in WTI where you can see the $20 level acting as support in the past and now resistance as it is retested from the other side.
Why?
Simply because it's a round number and humans are docile creatures who like simple, shiny things.
Best of probabilities to you,
Dane.
FOREX BROKR | Hive Blog
Higher time frame market analysis.