Crude Comeback

Back in black
I hit the sack
I've been too long
I'm glad to be back
--AC/DC

After last month's historic plunge that saw prices below zero at one point, crude oil has made an impressive comeback. It has clawed back to the low $30s and is now eyeing the early March 'COVID gap.'

A reverse head-and-shoulders pattern is also evident, making this a bullish looking set-up.

We've come a long way in a month, considering that not long ago most crude storage facilities were full and producers were paying others to take crude off their hands.

Now, as lockdowns ease and people shun mass transit in favor of car travel, demand for oil is perking up.