Oil bulls are a battle-hardened species. Not only have they rebuffed the bears' attack to close higher yesterday, they've been building upon their gains earlier today too. Right now, they're in the vicinity of an important resistance level. Will they manage to break above it? We're not too far from opening a new trading position...

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Oil bulls have attempted to build on their recent achievements earlier today, and neither the bears were idle. The price is however trading close to unchanged right now. Does either side have an upper hand? Let's take a look at what direction of the upcoming move is more probable.

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The bulls are giving a resounding answer to our yesterday's question. Yes, they've repaired the technical damage, and moved prices higher on top. The question is whether they can sustain their gains. Let's examine together.

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While crude oil declined profoundly yesterday, the bulls are attempting a comeback today. Wait, they just managed to open higher but the price is rolling to the downside as we speak. It can't be both ways - so, what's the most likely direction for oil after all?

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Oil waved goodbye to the recent consolidation, and took forcefully to the downside. Its plunging unabated, piercing the $52.00 mark as we speak. Which areas do the bears have in their sights, and can we expect a meaningful rebound from there? Let's take a closer look.

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