The bulls have had a bad day yesterday. Not that their situation looks any brighter today. As they were repeatedly unable to overcome a powerful combination of resistances ahead, we didn't have to wait for the response of the bears much longer. It came with full force and the question of where the slide can stop fits the mood perfectly. Let's dive into the rich details.

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Crude oil hasn't closed higher yesterday and the previous series of rallies appears to face stiff headwinds. Is this it, or can the oil bulls pull a rabbit out of their hats? After all, they've reversed Monday's downswing already. Or does the prospect of wide spectrum U.S. - China uncertainties have the upper hand? It's making itself heard across the board and crude oil is no exception. Let's assess the technical picture now.

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Yes, crude oil has closed higher yesterday. Yes, the volume it had done so on was higher than in two previous session. Is that necessarily bullish, though? Has the charm of OPEC production cuts extension run out? Let's see the chart to examine the chances of the bears returning to the trading floor both soon and with force.

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Last week, crude oil finished higher. And over the weekend, OPEC pointed to extending the output cuts. Yet, oil bulls haven't broken above the key resistances ahead. Their efforts look to be sputtering. A look at the volume reveals where the odds of the next oil move are. Will it be the bears or the bulls that would celebrate?

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Last few days brought us a tepid move higher in oil. One would say, little wonder with all the Middle East tensions. Oil bulls haven't broken above the powerful resistances ahead and the volume examination reveals important clues about their strength. Let's get right into this something that no oil investor should miss.

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