On Monday, crude oil lost 0.24% as ongoing concerns over the global economic outlook and its impact on future demand prospects weighed on the price. As a result, light crude slipped below the long-term support line, but then invalidated the breakdown. Is this the first sign that a trend reversal is just around the corner?

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On Friday, crude oil climbed above $84 supported by upbeat U.S. data. Despite this increase, light crude gave up gains and finally lost 0.19% as concerns over bigger-than-expected increase in crude oil inventories continued to weight. Will we see a rebound in this environment?

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Although crude oil hit a fresh multi-month low, slipping below $80 per barrel, the commodity rebounded sharply, supported by solid U.S. data. As a result, light crude gained 2.45% and invalidated a breakdown below the long-term support/resistance. Is this the first positive signal suggesting a trend reversal?

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On Wednesday, crude oil lost 1.43% as the combination of the speculations the OPEC will not cut output to support the market and disappointing U.S. data weighed on investors’ sentiment. In this environment, light crude hit a fresh multi-year low and dropped to the barrier of $80 per barrel. Where are oil bulls?

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On Tuesday, crude oil lost 3.18% after the International Energy Agency cut its forecasts for oil-demand growth this year and next. As a result, light crude dropped below the support zone and slipped to the next long-term support line. How low is too low?

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