The last 2 days were quite encouraging for crude oil bulls as the black gold rallied above 2 declining resistance lines and the volume during yesterday’s upswing was high. Is this enough to make the outlook bullish?

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On Monday, crude oil gained 4.92% as the Saudi Arabia announcement and a weaker greenback weighed on the price. As a result, light crude bounced off the support/resistance lines and reached its key resistance zone. Will we finally see a breakout in the coming days?

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On Wednesday, crude oil gained 4.34% as EIA weekly report and a weaker greenback supported the price. Thanks to these circumstances, light crude bounced off its support level and invalidated the breakdown under the 50-day moving average, but is this rally as bullish as it seems at the first sight?

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On Tuesday, crude oil lost 2.52% as negotiations with Iran on its nuclear program continued o weigh on investors’ sentiment. As a result, light crude dropped below the resistance area and reached the 50% Fibonacci retracement. Will we see further deterioration in the coming days?

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Although crude oil declined below $48 weakened by supply worries related to the talks between Iran and six world powers and a stronger greenback, the commodity bounced off session lows after a U.S. State Department spokeswoman Marie Harf’s commentary. In this way, light crude gained 0.60%, but can we trust this "improvement"?

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