On Tuesday, crude oil surged above $49 as investors continued to react positively to a weaker U.S. dollar and news that Russia and Saudi Arabia have met recently to discuss the downturn in global oil prices. In this environment, light crude broke above resistance levels and approached the Aug high. Will we see a breakout and a test of the psychologically important barrier of $50 in the coming days?

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On Monday, crude oil moved higher once again as a weaker U.S. dollar and news that Russia wants to meet with OPEC and non-OPEC members to find a way to stabilize crude oil prices weighed positively on investors’ sentiment. In these circumstances, light crude approached the key resistance zone, but then gave up some gains and closed the day in a very interesting place (from technical point of view). What’s next?

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Although crude oil moved sharply lower after the market’s open, the commodity reversed and rebounded as the combination of a weaker greenback and bullish Baker Hughes report supported the price. As a result, light crude bounced off its key support zone once again, but did this move change anything in the short-term picture of the commodity?

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On Thursday, crude oil shoot up after the market’s open supported by a weaker greenback. Despite the rally, the key resistance zone in combination with the bearish EIA report triggered a sharp decline, which erased all earlier gains. As a result, light crude lost 0.71% and invalidated the breakout. What does it mean for the commodity?

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Although crude oil moved higher after the market’s open, a bearish EIA report weighed on investors’ sentiment and pushed the commodity lower. Despite this drop, light crude gained 1% and closed the day above the 50-day moving average once again. Does it mean that the worst is already behind oil bulls?

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