On Wednesday, oil bears showed that they are not going to give up without a fight and erased almost the entire Tuesday’s rebound. Does it mean that one move to the downside is still ahead of us?

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Yesterday, crude oil reversed and came back above the previously-broken support level. In this way, light crude invalidated the earlier breakdown, but is it enough to come back above $70 in the coming days?

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On Friday, crude oil dropped to the lowest level since almost two months, making the sellers’ short positions even more profitable. Will this lucky streak continue in the following days? Analyzing the charts, we found several elements on which bears should keep an eye on.

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Wednesday’s rally that followed Tuesday’s reversal gave hope for a sustainable move higher. But only to those, who focus on the daily price movement only, without taking bigger picture into consideration. As we explained last Friday, there were bearish implications of the weekly candlestick pattern even before it was completed. In the following analyses we wrote the same about the monthly candlestick and since May is over, the candlestick is completed, and we can say that our previous expectations were met. What do the more long-term patterns indicate for the crude oil’s future and how much can we trust the recent rally?

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