Oil price is melting down like there's no tomorrow. How else could we describe the bloodbath? Fresh monthly lows being hit on a daily basis. Slicing through important supports. With such a weak close to the trading week, how will black gold fare the next one? Clearly, the most recent Mexico tariff announcement hasn't helped and it's widely felt in the markets, including this one. Better news on the horizon?

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Whew, what a wild ride crude oil has been on yesterday. Fresh monthly lows and most of the daily losses retraced before the closing bell. A one-day phenomenon? Can either side muster more strength to move the market both meaningfully and lastingly? If so, is a move higher or lower more likely? We have a thing or two to say on that...

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The U.S. - China trade dispute has intensified and oil price doesn't like that it seems. The modest upswing of previous two trading days has been erased in a flash, and black gold is trading now not too far from last week's lows. How strong are the bears still? Can we expect the decline's continuation, or are there any tentative signs of oil price recovery just ahead?

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Oil bulls look to have arrested the slide as there hasn't been a down day since Thursday. One could easily expect a more vigorous rebound, however. The nearby resistances remain and black gold has hardly gone anywhere today so far. After the long weekend, will the bulls muster more strength, or does the technical picture favor another trip south in the coming days? The answer isn't as easy as might be inferred from the Alert's title...

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We have said the bulls had a bad day on Wednesday. How would you rate their yesterday's performance? Heck, they are not having a good day today either. Black gold is heading for the biggest weekly loss in 2019. Has the support fallen out from below? Where can we expect the decline to stop?

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