Crude oil is marching higher but warning signs keep mounting. Is it clear skies from now on or is it like the moment of Wile E. Coyote not realizing having run past the solid ground, looking below to see there’s no support beneath and coming to terms with the commencing fall? Is there a moment of recognition like this for the oil bulls just ahead?

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Friday’s duel ended up pretty undecided. An attempt to move higher was succeeded by a plunge, for the price to return to a practically unchanged level. Earlier today, we are seeing another attempt to move higher. Is there more to the story? Can the bulls overcome important resistances nearby? Or will they fall by the wayside?

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The oil bull still managed to score another day of gains yesterday. A meager advance but still an advance, one could say. And be forgiven, as they would not have examined the full picture. Are we just teasing you now? Come on, there can’t be possibly more to the story... There is. The scenario that we wrote about exactly to the day two weeks ago, has come to fruition. The implications are far-reaching. Time to share.

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After yesterday’s day of gains, we see crude oil prices wavering today. Can it translate into a reversal and decline? What are the pieces to the puzzle that we should look at now? Let’s present the technical picture as we see it now.

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This is what the market is telling us. What can we infer about their staying power? Have they managed to change the outlook actually? At least the short-term one? It looks so and we invite you to our most up-to-date assessment and what it means for us going forward.

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