That was quite a ride, that yesterday's session in oil. Not that today, things would be any calmer. One day down, the other up. Time to zoom out and look at the bigger chart picture. Yes, a report of attack on two oil tankers in the Gulf of Oman can move the markets short-term but how lasting an effect can such news have? High time to dive into the charts...

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The days of the oil upswing look to be numbered. The bulls have been unable to break above nearest resistances. Certainly, global growth uncertainties as reflected in tiny oil demand growth have taken their toll. Will the historic Japan-Iran meeting come to the bulls' rescue? Judging the outlook in its entirety, we've just made a decision to open a new trading position. Let's jump right into the details.

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Yesterday's bullish attempt has met a swift response and the oil price powerfully reversed lower. Earlier today, the bulls are pushing higher again, though less vigorously than yesterday or the day before. Do they have any aces up their sleeves? The risk appetite is creeping back into the market and OPEC joined by Russia may support them...

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Last week brought us a continuation of the downswing, followed by stabilization and rebound. Oil price however appear weakening again earlier today. Have we seen a local top? Are lower prices again on the horizon? One could expect a more bullish reaction to the whispers of Saudi production cuts extension being almost guaranteed... Or to the news of the Mexico tariffs cancellation... Anyway, better examine the oil chart.

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