Neither yesterday has brought nor today looks to be likely to bring a groundbreaking move in oil. Yet, that doesn't mean that its price action is of little significance. To the contrary, subtle clues abound. Time to inspect the balance of forces and what it means to our open position.

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Oil has truly plunged on Tuesday, yet it looks to have caught a bid since. Is this a dead cat bounce, or there is more to the story? Better to take a look at the charts and read the tape of previous sessions to see the odds of any upcoming moves. We have done that and you'll find below how it all squares with our open position.

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After a relative indecision of quite a few recent sessions, yesterday's oil trading has very much been a one-sided event. It was a move that didn't lack conviction in the least. But the bulls are attempting a comeback today. While the prices are modestly higher, can the buyers manage to push them higher still? By the way, how much higher would be high enough to repair the damage from yesterday's slide? Let's find out.

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Yesterday's oil session was indeed heavy on action. The initial upswing gave way to a reversal lower, leaving black gold to close almost unchanged. Well, it finished a bit lower than it opened the day actually. Does this signify something important? That important that it would make us act? You bet - let's dive in to the juicy details.

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Friday's downswing in oil has given way to a strong opening earlier today. Apparently, the Xi-Trump meeting outcome has been welcome by oil traders. Let's step back and look at the charts - what has changed and what has not. What about the obstacles ahead for the bulls, will they have an easy time overcoming them?

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