On Tuesday, the price of crude oil climbed above two important resistances. For a short time, it even seemed that we would see an invalidation of the breakdown under the medium-term line. But the bulls’ plans were thwarted by their rivals and the price of black gold turned back. What does it mean for the commodity?

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The beginning of the week brought another test of the previously-broken resistance line, but oil bulls didn’t impress the oil market’s observers with their strength and determination. Will today’s price action bring a breakthrough? We’ll see in the following hours, but before that happens, let's check what should we focus on today.

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Thursday’s invalidation of the earlier breakdown, Friday’s comeback to the south, supports and resistances. When will the price action convince us enough to justify opening next positions?

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Yesterday, crude oil gained 0.69%, bounced off the support zone and the 200-day moving average, which resulted in a comeback above the lower border of the medium-term rising trend channel. Will this positive event be enough to trigger further improvement in the coming week?

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On Wednesday, black gold lost 3% and declined under two medium-term support lines after the Energy Informational Administration’s report showed that crude oil inventories unexpectedly increased by 6.8 million barrels in the week ending Aug 10. Although these are negative factors, which suggest further deterioration, there is one but…

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