On Monday, black gold moved a bit higher, but the major short-term resistance continues to keep gains in check. What does it mean for the short-term technical picture of the commodity?

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On one hand, Friday’s session was victorious for oil bulls, because thanks to their fight black gold gained 1.24%. On the other hand, the commodity climbed to important resistance, which stands on the way of higher levels. Will we see a verification of the earlier breakdown or rather further improvement?

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On Thursday, the price of black gold moved higher after the EIA weekly report showed an unexpected decline in crude oil inventories. Is this one bullish factor strong enough to push light crude higher in the following days? What did the buyers miss?

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Yesterday, black gold wavered around the Fibonacci retracement and one of the moving averages, but finally closed the day above them. Does it mean that oil bears have no more strength for further battle?

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Although oil bulls managed to take the price of crude oil above $62 yesterday, this what happened in the following hours showed quite clearly that not everything went just like they assumed earlier.

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