Looking at it now, I see a longer term pattern forming in the weekly charts. Now, when I go into the , I see Crude Oil falling towards its 50 MA. If it bounces off of this average, I am looking then at the resistance price line of 56.89. If It can break through that resistance line, we might have enough momentum to break up higher. Another reason for this would be the short positions would probably put their stop losses right at that level, creating a virtual short squeeze zone right above support. However, the reverse would be true in theory for the long side of the trade, with most people putting their stop losses right below that 50 MA.
Either way, it'll be interesting to see how this plays out. Trying to work more on investors psychology through the TA in charts.
All the best,