Friday’s rally took black gold to the levels that we saw at the end of the previous month, but is the road to the north wide open?

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Crude oil’s prices increased in today’s pre-market trading as the uncertainty regarding the OPEC meeting in Vienna made traders anxious. The price usually moves on rumor, not on facts, and any impact that the meeting can have on the market will be limited to the extent that the investors will be surprised.

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In the past few alerts, the detail that we emphasized was the necessity to look at the volume for confirmation of a certain move. The price moves may have been bullish, but the volume was weak, so the final implications were not bullish. Yesterday, crude oil finally rallied on strong volume – did the situation become bullish because of that?

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Crude oil’s price reversed on Monday, but the volume was low and thus it was not a true reversal. Those who forgot to check for verification were surprised by the follow-up action, which was another daily decline. But you were not surprised as we explained the above and you knew what to expect. What’s next?

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