While yesterday's trading brought oil higher, today's trading is marked by back-and-forth movement. Can we glean more information from the tight range crude oil is trading in currently? Yes, and you can find below the odds of the upcoming move.

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Oil prices haven't moved much on Friday, and today's price action points to modestly higher prices so far. Can we trust these attempts at recovery, or is more downside ahead? The combination of weekly and daily charts presents a fitting answer, and we are bringing you the below detailed analysis to answer the above questions decisively.

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Oil has indeed plunged yesterday, yet caught a bid earlier today on the news of the downed Iranian drone. While that's encouraging to the bulls, they didn't celebrate the following upswing for too long. Time to consult the charts instead of scanning the headlines for the odds of the next move. How do they stand right now, and what kind of trading action they call for?

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What an answer have we received to our yesterday's Alert headline question. Rhetorical question, that is. Okay, oil is diving lower as we speak, so is it now a more appropriate time to discuss the possibility of a turnaround? Assessing the current outlook will give us the right answer.

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Oil has decidedly moved yesterday, and the closing price didn't make the bulls happy. They haven't had much success repairing the damage earlier today, though. Does it mean that the bears can set their sights even lower now? Can geopolitical events, or any other factors come to the rescue of the bulls?

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