On Tuesday, crude oil gained 0.23% and oil bulls managed to close the day above the very short-term declining resistance line. Positive development? Only the first sight. Why? All details you will find in today’s alert.

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Although yesterday's session approached black gold to the barrier of $70, the combination of several important technical factors stopped the buyers, which allowed oil bears to re-enter the trading floor. We observed a similar situation by analyzing the relation of oil with gold and silver. Does this positive relationship correctly bode the price of oil in the coming days?

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The very short-term changes have thrown the price of crude oil up and down in the last days, causing some doubts as to who is in charge. However, when we expand the picture of the commodity a bit and look at it from the medium- and long-term perspectives, we can easily point those who have an advantage over their rivals.

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Wednesday’s session belonged to oil bears. Thanks to their yesterday's attack, black gold lost 1.6%, the price fell below $68 and the likelihood of a pro-declining scenario significantly increased. Where will the commodity head next?

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Analyzing the daily chart of crude oil, it seems that the most important event of yesterday's session was the breakdown below the lower border of the very short-term rising trend channel. However, the return of black gold below $ 70 may have much more serious consequences than it might seem at first glance.

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