Examining the daily chart, the bullish case for oil looks to have as many holes as Swiss cheese. Is that the record U.S. production and rising inventories at play? Was that the straw that broke oil bulls' back or can the bulls pull a rabbit out of their hats?

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We've raised some doubts about the bulls' power to succeed yesterday. Indeed, they gave up most of their gains before the closing bell. Today, we haven't seen even an upswing attempt that would fizzle out. So, is it a case closed? Given all the breaking oil news and data, what do the charts really reveal about oil going forward?

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It seems that after Friday's bloodbath, the oil bulls are attempting to repair the damage. Let's judge objectively their headwinds and tailwinds. Hold on, have we just said tailwinds? Raise your hands who just thought of the Venezuela situation and Saudi Arabian comments. No treats apart from praising on you. But seriously, do the bulls have the power to carry oil higher still?

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What a change a day makes. Friday, that was such a day in the oil market. Heavy follow-through selling from Thursday's session brought a weekly close full of important hints. One by one, elaborating on each, we' re bringing them to your attention. Powerful and actionable implication not to miss!

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Oil bulls tried hard for an oil upswing yesterday but have ultimately failed. Today's situation looks increasingly bleak for them. Seems fitting to have asked here yesterday about that hurdle they still have to clear. Or do the bulls still have some tricks to play? Looking at the chart, what can they realistically aim for? Or is it more like hope for?

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