In yesterday’s Alert, we explained that crude oil is likely to move to its 50-day moving average and we didn’t have to wait long for the market to agree with us. Moreover, this MA was touched very briefly, and the black gold reversed and declined before the end of the session, thus forming a bearish reversal. That’s a classic sign pointing to further declines – will the regular interpretation be correct also this time?

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The last session of the previous week didn’t bring any groundbreaking changes, because the price of black gold was wavering once again around the Fibonacci retracement. What can we expect in the coming week?

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Thursday’s session brought another comeback above the previously-broken Fibonacci retracement, suggesting that the bulls could strengthen after recent declines. Do they really have enough arguments on their side to win higher prices of black gold?

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A rising trend channel, the Fibonacci retracements, a proximity to the support zone and signals generated by the indicators. How to put together these puzzles to learn more about the future of oil?

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Although oil bears moved black gold lower after yesterday’s market open, their opponents decided to fight for higher prices in the following hours. As a result, light crude came back above the previously-broken Fibonacci retracement, but is this event as positive as it may seem?

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