Oil Attempts a Rebound

Oil bottomed out at 81.30, as expected. Oil prices are generally trending downward off recession fears and china coronavirus lock downs. We are seeing a small pivot off lower levels and an attempt to regain 85.55, which should provide strong resistance as it was a low tested several times earlier last week. We are starting to see strong resistance as we approach this level. If we break through we could make a run for the $90's. If we retrace, then $81.30 should provide support again.