Crude oil not only managed to rally last week, but it also showed significant strength this week – is the final bottom for the crude oil prices already behind us?

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The crude oil moved sharply higher on Thursday and Friday and it erased many daily declines during these 2 sessions. Nobody can deny that these moves were significant, but what about their implications? Are they significant as well?

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On Thursday, crude oil moved sharply higher supported by global stock markets’ rally. In this environment, light crude invalidated earlier breakdown below the barrier of $40 and climbed above the March high. But is it enough to trigger a trend reversal?

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On Wednesday, crude oil lost 1.92% as EIA report disappointed market participants. As a result, light crude erased over 75% of Tuesday’s rally and slipped to its short-term support line. What’s next?

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On Tuesday, crude oil gained 4.15% after China's central bank cut interest rates. Thanks to this news, light crude reversed and invalidated Monday’s breakdown under the support line. Despite this move, the commodity still remains under the barrier of $40. Will it stop further improvement in the coming days?

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