On the COVID-19 front, India, the world’s third-largest oil importer, reported another record number of COVID-19 cases on Wednesday. Japan, a place behind India on the importer scale, is also considering imposing a state of emergency in Tokyo and Osaka due to rising COVID-19 cases.
Overall the market is bearish with a downside breakout likely sending trade to attack a 59.72 low. A close under 59.72 is bearish ⇒ 57.40. Current corrective rebounds trapped by 62.30 will maintain bear forces. However, a punch over last week’s high alerts for a possible flip to bottoming trade. A close over 62.70 confirms the start of a reversing upturn.