The first session of the new week belonged to oil bulls who were pushing the price of crude oil higher and higher after the market’s open. As a result, black gold came back above $62, but there is one small detail that spoils the positive pronunciation of yesterday's session…

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On Friday, the price of crude oil wavered between small gains and losses, but finally finished the day 0.43% above Thursday’s closing price. Do bulls therefore have reasons to be satisfied? Will the meeting between OPEC and U.S. shale firms in Houston help them to push the price of the commodity higher? Before we know the answers to these questions, let's check what the technical picture says about the future of black gold.

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Verification of the breakdown, invalidation of the earlier breakout and higher volume during decline. In these three simple facts, we could summarize Thursday’s session. How do they present on the daily chart?

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Although oil bulls pushed black gold higher after yesterday market’s open, their triumph was very short-lived. Looking at the daily chart, it even tempts to say that their rally took place on an empty tank. Why? Because thanks to yesterday’s decline oil bears not only made short positions more profitable, but also gained next pieces to their puzzle. Let's check them together in today's alert.

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On Tuesday, oil bears won the battle for the lower border of the rising trend channel, which resulted in a decline. Thanks to this price action they gained one more ally. What does this mean for the future of crude oil? We invite you to read today's alert.

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