The oil bulls haven't exactly succeeded in repairing Friday's damage yesterday. But they've been trying hard earlier today. Will their efforts be enough to change the technical outlook materially? Let's get down to answering that pressing question.

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Friday marked a rout of the bulls to a great extent. Today though, they're working hard to gain lost ground. With mixed results, we must add. Or does the chart hint at better days ahead for the buyers?

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It turned out that the oil bulls haven't had much success yesterday either. And today isn't shaping up to be a much better day for them either. Yet, they have taken black gold higher from its daily lows already - does this mark some kind of a turning point?

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The bulls' upswing attempt didn't quite stick yesterday, and prices headed lower. This didn't surprise us, to the contrary. The bulls have opened higher today though - will they be able to build on their gains? They've repelled decline's continuation earlier today already...

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While yesterday's bullish moves have been rebuffed, the buyers haven't given up and are making a move today. Does such an upswing defy the technical odds, and if so, will today's inventory report prove to be the catalyst of a downward reversal? Let's assess the likelihood of this (and any other) scenario.

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