On the daily chart below, we can see that from the flash crash into the $64 low back at the start of May, crude oil has rebounded strongly and it’s now threatening a breakout of the previous range support now turned resistance. The 50% Fibonacci retracement level and the red long period moving average acted as resistance for the buyers at the first try and the sellers piled in for another fall. The downside was limited though, and oil prices started to rise again. This series of higher highs and higher lows may be a signal that the oil market is switching to a more bullish bias. {chart} On the 4 hour chart below, we ... (full story)