As for oil prices, it seems like there is nothing there to stop the oil price from continuing its uptrend. Both brent and crude prices have been rising for the past few days. For instance, Brent oil prices recorded their 8 consecutive winning days yesterday. The optimism very much fuels the rally that oil supply is largely in check as Saudis are not going to allow the oil glut to form under any circumstances. So far, Saudi Arabia has been effective in this effort. And on the demand front, they know that the coronavirus situation is improving, which means higher oil prices.
But speaking from a technical perspective, there is no doubt that oil prices have gone too far and too fast, which means a retracement is certainly due. Placing a short trade would make sense with having a stop above yesterday's high. However, it is important to keep in mind that the upward momentum has been strong and there are getting chances of getting stopped out. At the same time, it is equally important that prices cannot continue to move in this strong uptrend. Hence a retracement is due. If the price does start to lose momentum, the price target could be near 57, which will still be far above the 50-day SMA on the daily time frame.