On Thursday, crude oil gained 1.53% as shares in China moved sharply higher. As a result, light crude re-tested the resistance zone, but will we see an invalidation of the breakdown in the coming week?

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On Wednesday, crude oil lost 2.06% as bearish EIA report and slight progress in Iranian nuclear negotiations weighed on the price. Thanks to these circumstances, light crude erased most of Tuesday’s increase and re-tested the support zone. Will it withstand the selling pressure in the coming days?

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Although crude oil moved sharply lower (weakened by a stronger greenback), the commodity reversed after a drop to the psychologically important barrier of $50. As a result, light crude rebounded and erased almost all earlier losses, climbing to the previously-broken support/resistance zone. What does it mean for the commodity? Verification of the breakdown or the first sign of reversal?

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On Monday, crude oil lost 6.76% as Greek and Iranian negotiations in combination with a bearish Baker Hughes report published on Friday weighed on investors’ sentiment. This one of the biggest selloffs in 2015 took the commodity to a fresh 3-month low of $52.41 and resulted in a breakdown under important support levels. How low could light crude go in the coming week?

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