The dramatic fall in oil prices over the last few weeks has garnered a lot of attention from the financial media.Oil prices dropped for 12 straight days which marked a record losing streak. There were numerous factors behind the decline—supply and demand imbalances, political pressure, and production level disagreements are just a few. Regardless of how things play out in the long run, there is a short-term pattern on the chart of the Direxion Daily Energy Bull 3X Shares (NYSE: ERX) that suggests a bounce may be in the works. The fund dipped down to the $22 level on Thursday and then moved higher later that day and on Friday as well.

The Bank of England raised its benchmark interest rate to its highest level since 2009. Hiking the rate to 0.75% from 0.5%, U.K.’s central bank hinted at inflation concerns.However, uncertainties remain over how smooth or difficult Brexit and its economic/financial outcome would actually turn out to be – something that might affect the pace of further monetary tightening in the nation.