The short-term situation still remains unchanged as black gold keeps trading inside the blue consolidation around the red support/resistance line. Examination of yesterday's price action shows that the bulls failed to break above the upper border of the consolidation or to close the orange gap. As that happened for the 7th time in a row, it doesn't bode well for further rally. The oil futures closed yesterday below the red line, invalidating yet another earlier breakout attempt. This certainly shows the buyers' weakness, and has already triggered deterioration earlier today. The futures extended losses, increasing ... (full story)