Crude oil has a hard time “deciding” which way it really wants to head next. The commodity has been moving back and forth for some time now. The move that will follow such a lengthy consolidation will quite likely be significant. Is now a good time to be positioned for this move?

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Although crude oil declined sharply after the market’s open, hitting an intraday low of $101, the commodity reversed as upbeat U.S. data supported the price. In this way, light crude tested the strength of the support zone for the first time since mid-July. Will it withstand the selling pressure in the coming week?

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On Thursday, crude oil lost 1.23% as disappointing report on U.S. new homes sales overweighed bullish jobless claims data. As a result, light crude reversed once again and corrected most of Wednesday’s increase. Will we see something new in the near future?

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On Wednesday, crude oil gained 1.33% as the combination of the bullish EIA weekly report and ongoing concerns over tensions between Russia and Ukraine supported the price. Thanks to these circumstances, the commodity erased the Tuesday’s decline, but did this show of “strength” change the very short-term outlook?

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On Tuesday, crude oil lost 0.87% as investors jumped to the sidelines to await the release of the EIA weekly report. As a result, light crude reversed once again and corrected most of Monday’s increase. Will we see something new in the near future?

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