On Wednesday, the price of light crude shuffled between gains and losses as investors weighed economic data from China, the increase in U.S. crude oil inventories and rising tensions between Russia and Ukraine. Because of these circumstances, light crude hit a 6-week high, but then reversed and gave up all earlier gains. Will oil bulls find support with the tensions in the background? Or maybe, the biggest one-week build in crude oil supplies will encourage oil bears to show their claws. Who has more technical arguments?

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On Tuesday, crude oil gained 0.22% as stronger-than-expected U.S. economic data weighted on the price. Thanks to these solid numbers, the commodity closed the day above the medium-term resistance line, but how reliable this breakout is?

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On Monday, crude oil gained 0.22% and hit a fresh five-week high as better-than-expected U.S. economic data and concerns over stability in Ukraine and Libya weighted on the price. Thanks to these circumstances, light crude broke above the medium-term resistance line, but then declined below it for the second day in a row. Third time lucky?

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On Friday, crude oil hit a fresh five-week high as better-than-expected U.S. macroeconomic data weighted on the price. Despite this improvement, light crude gave up the gains and reversed as day before. Is the recent rally in crude oil running out of steam?

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On Thursday, crude oil slipped little lower as weaker-than-expected Chinese data and an increase in domestic oil reserves weighed on the price. Although light crude hit a fresh five-week high, oil bulls didn’t manage to hold gained levels. Does it mean that they waned? What can we infer from the size of the volume?

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