Quick exchange of blows after today’s market opening ended with the victory of the bears and a drop below $61. Will we see another attack on oil bulls’ fortress around the barrier of $60?

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On Friday, crude oil bounced off the psychological barrier of $60 and almost erased two days of earlier declines. Additionally, Baker Hughes report showed a drop in the number of oil rigs. Encouraging? Yes. Reliable? That’s a different story.

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Yesterday, oil bears not only tested the barrier of $60, but also hit a fresh March low. Will black gold remain on the course to lower levels in the coming days?

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Sounds crazy, right? But from time to time crazy is something that does indeed take place, and these are the times when the prepared are much more profitable than those who were caught with their guard down. There is one analogy that points to the possibility of seeing such a big move in the price of crude oil. What if?

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On Tuesday, the price of crude oil moved higher during the session, but oil bears, thanks to the help of their ally, pushed back the bulls’ attack, which resulted in black gold’s comeback to the starting point. Surprising or rather it should happen here?

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