Oil has been consolidating for quite a few days recently. The Iran tensions haven't really helped support the price it seems. Is it that the U.S. - China trade war has the upper hand? Neither oil demand is projected to increase as rapidly as it had been estimated recently. Oil price appears confined both on the upside and on the downside these days. Let's examine the balance of forces between the bears and the bulls. What kind of chance do the bulls have keeping ground gained so far? How will that influence you?

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Oil bulls managed to retrace some of their Monday's losses yesterday. At first sight, the oil market may look calm and uneventful. But first appearances can be deceiving. And costly. Both in life and in trading. Let's take a look at what the charts are telling us. Especially the volume speaks... volumes. Much to the support of our open position. Precisely. Let's dive in.

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We have seen a pretty sharp oil reversal yesterday. The U.S. session sent oil bulls packing. Not giving up, they're attempting a comeback today. Geopolitical news to their rescue: the drone attacks on key Saudi pipelines. Emboldened by this tailwind, do the oil bulls stand a chance of reversing the tide of recent declines?

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Today's session in oil is far from being calm. It has brought us a spurt higher from the resting pad at the support. Now that trade uncertainty is creeping into the marketplace, where does that leave the prospects for oil? High time to consult the charts: what has changed and what has not.

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After the downswings since late April, oil looks to be taking a breather for most of May so far. How will its current rest on the support turn out? Time to examine the minute details and how they fit in the bigger perspective. What kind of effect does it have on our open position?

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