Thanks to oil bulls’ determination and yesterday’s price action, crude oil invalidated two important breakdowns. Will this improvement be sustainable in the coming week?

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On Wednesday, crude oil bounced off this week’s low and climbed to the previously-broken levels. Verification of the earlier breakdowns or something more?

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On Tuesday, crude oil moved sharply lower, which resulted in a drop below several important supports. Will oil bears use these circumstances to trigger even greater declines in the coming days?

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The first session of the week encouraged oil bears to another attack on the nearest support zone. Despite the initial success and a fresh October low, the buyers withstood their opponents’ pressure once again, blocked the way to lower levels and pushed the price of the commodity right under the barrier of $70. Do oil bulls have any solid technical arguments on their side to fight for higher prices of black gold?

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Although oil bulls triggered a rebound during Friday’s session, their opponents defended the previously-broken support/resistance level and caused a pullback. Is this a preview of further declines in the coming week?

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