On Friday, crude oil wavered between small gains and losses, but finally closed the day under the long-term resistance line. What can we expect in the coming days?

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Although crude oil moved higher after yesterday’s open, the previously-broken long-term support/resistance line stopped oil bulls, triggering a pullback. Does it mean that another downswing is just around the corner?

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On Wednesday, crude oil gained 3.16% after the EIA report showed that crude inventories dropped more-than-expected. Thanks to this news light crude bounced off the lower border of the declining trend channel and increased to the first resistance line. Will it manage to stop oil bulls?

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On Tuesday, crude oil lost 1.18% after the Energy Information Administration increased its near-term outlook for U.S. oil production. As a result, light crude declined to the previously-broken lower border of the trend channel. Will it withstand the selling pressure in the coming day?

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On Monday, the black gold extended gains after Russia and Saudi Arabia supported the idea of extending the supply-cut agreement into 2018. In these circumstances, light crude closed another day above $46 and the lower border of the trend channel. What does it mean for the commodity?

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