Out of the frying pan into the fire – this is how we can summarize the beginning of today’s session (at least from the bears’ point of view). Thanks to the earlier increase oil bulls broke above two resistances and they are heading north. Are there any technical factors that can save the bears’ skin?

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Friday's session was not good for oil bears. The lack of another attack on the main bulls’ support zone encouraged them to act, which translated into a breakout above the upper line of the triangle. Does this positive event undermine the sellers’ opportunity to open the way to the south?

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On Thursday crude oil wavered between small gains and losses, but finished the day only 23 cents above Wednesday closing price. Such small daily changes that we observe recently don’t look too encouraging for oil bulls or for the bears. However, to dispel boredom, we rummaged deeper in the charts and we found something that may interest both sides of the market’s battle. Curious?

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Crude oil inventories grew more than twice as analysts expected, daily U.S. production hit a new weekly record and OPEC raised its forecast for non-member oil producers. Despite these bearish news, the EIA report showed a sharp decline in products inventories, which overshadowed negative numbers and pushed black gold higher. Whether the bears slept yesterday's data or it’s just the calm before the storm?

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Although oil bulls tried to take control yesterday, their enthusiasm was quickly cooled, and black gold approached the major support levels once again. Third time lucky?

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