The test of the resistance line, the triangle apex reversal, the a-b-c waves in the zigzag pattern… What connects them? Give us 28 paragraphs and 975 words and you will see that these seemingly mismatched concepts will form a meaningful and promising scenario.

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Return to the starting point. In this way, we could briefly summarize the first quarter of 2018. Why? Because Friday’s session took crude oil to the levels that we saw at the end of January. Will the resistances, which triggered declines in the following weeks withstand the buying pressure in the coming days?

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Although crude oil increased a bit after Thursday market’s open, the buyers quickly found that yesterday’s upswing above the resistance line was nothing more than the fakeout. After few days of disappointments oil bears finally took control and showed that they still have strength in their paws. If you want to know how this fight ended and how it affected the technical picture of crude oil, we invite you to read today's alert.

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Wednesday’s session brought one more upswing, which took black gold to a fresh March peak. Will the nearest resistances withstand the buying pressure?

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Tensions in the Middle East in combination with the possibility of further declines in Venezuelan production encouraged oil bulls to act, which resulted in a breakout above the short-term resistance line. Do the bears have already lost all allies or maybe they still have some aces up their sleeves?

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