Oil Bulls Fail Again: Is This the End of Increases in Black Gold?

Another attempt, another failure. Let’s start today’s analysis by quoting the last article on black gold:

Despite this improvement, the bulls didn’t manage to push the price higher, which triggered a pullback and a daily closure under the previously broken upper border of the red rising wedge.On one hand, such price action looks like a verification of the earlier breakdown under this line and could encourage the bears to show their claws once again – especially when we take into account the sell signals generated by the daily indicators.

From today’s point of view, we see that the situation developed in line with the above scenario and the buyers pushed the price of black gold higher after the market’s open, hitting an intraday high of $82.36. Although this is a negative development, yesterday’s move materialized on a visibly lower volume than the earlier increase, which suggests that the bears may not be as it may seem at a first glance.

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