A climb above the 200-week moving average, an invalidation of the earlier breakdown under another moving average, several buy signals and a gap. What effect can the combination of these technical elements have on the very short-term picture of black gold in the coming days?

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November was the worst month for oil bulls since July 2016. Over the past few weeks, the price of black gold has dived deeply, sometimes dropping even under the barrier of $50. What impact did this price action have on the long-, medium- and short-term picture of the commodity?

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Thursday’s session brought a fresh November low and a drop under the barrier of $50. Although oil bulls managed to trigger a rebound and invalidated the earlier breakdowns before the session closure, some disturbing technical factors remain in the cards.

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Increase after the market’s open, test of the 200-week moving average and another approach to the barrier of $50. In these several words we can summarize yesterday’s price action in crude oil. But what are its implications?

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After the strong declines that we observed last week, the price of crude oil began to consolidate (in a narrow range so far) just above the psychological barrier of $ 50. Will such a price change transform into a bigger rebound or is it just the calm before the storm and a fresh low?

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