Crude oil’s price reversed on Monday, but the volume was low and thus it was not a true reversal. Those who forgot to check for verification were surprised by the follow-up action, which was another daily decline. But you were not surprised as we explained the above and you knew what to expect. What’s next?

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Crude oil’s Friday’s huge daily decline was not followed by yet another daily slide, but by a profound reversal. The price has surely turned by 180 degrees, but can we say the same thing about the outlook for the following days?

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In our previous Oil Trading Alerts, we wrote how bearish the outlook for the black gold was and we emphasized that it might have been better to be a day or two too early with opening a short position than to be just an hour or two late. Friday’s session showed why this was indeed the case. Crude oil took a dive and erased the entire week of gains in just a few hours. Those, who followed our suggestion to get back on the short side of the market on June 13th are already sitting on a profitable position. However, what’s done is done and the key question is that the decline is already over or are we going to see even lower crude oil prices in the near future. We provide details in today's Oil Trading Alert.

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In yesterday’s Oil Trading Alert, we explained why the black gold might have not done rallying yet and why another daily upswing seemed to be on the cards. And it happened. Crude oil moved to the target that we outlined, broke it by 6 cents and then declined. What’s next? Is the sideways trading definitely over?

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In yesterday’s Oil Trading Alert, we explained what conditions had to be met in order to create a good trading opportunity and we described how to prepare for it in advance. And since we saw the trigger later that day, the position was automatically opened. What’s next? Is the sideways trading definitely over?

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In the last few Oil Trading Alerts we focused on the big picture and the context for the current pause. In today’s analysis, we do something different. We focus on the short term and we’ll make the first step in establishing a new trading position. It seems that another very favorable trade is just around the corner and if you want to get the details before it starts - today is the perfect day for it.

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The crude oil moved higher at the start of the week, which was not surprising given the bullish weekly reversal that we had seen previously. Yet, one needs to keep in mind that the candlestick patterns have limited time in which they work and the impact of what we saw in the crude oil market could be short-lived. Since we have already seen a daily rally, is the bullish signal from the previous week’s reversal no longer present? Or was it strengthened by yesterday’s daily reversal?

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In our previous analysis, we wrote that the price of crude oil appears to be forming a bullish weekly reversal, but it wasn’t yet clear how the week is going to end. It is now clear as we have all the data and we see that the price of black gold has indeed reversed last week. How significant are these implications for the following days and weeks?

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Crude oil moved significantly lower after topping at long-term retracement levels and since the monthly decline took place on big volume (biggest in almost a year), the black gold should move lower. But instead of moving lower this week, it seems to be forming a weekly bullish reversal. The individual daily volume levels were not low this week, so if the bullish reversal does indeed form, we’ll have a quite reliable bullish signal. Will the monthly bearish sign be invalidated? Will crude oil rally shortly?

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On Wednesday, oil bears showed that they are not going to give up without a fight and erased almost the entire Tuesday’s rebound. Does it mean that one move to the downside is still ahead of us?

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Yesterday, crude oil reversed and came back above the previously-broken support level. In this way, light crude invalidated the earlier breakdown, but is it enough to come back above $70 in the coming days?

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On Friday, crude oil dropped to the lowest level since almost two months, making the sellers’ short positions even more profitable. Will this lucky streak continue in the following days? Analyzing the charts, we found several elements on which bears should keep an eye on.

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