It appeared that the bears firmly took the reins of yesterday's session, but most of their gains were history before the closing bell. Have we seen an important turning point for oil? Let's start with the daily chart examination. Crude oil opened yesterday's session with the green bullish gap that's slightly below the 61.8% Fibonacci retracement. Although the bulls took the commodity a bit higher after the market open, this strong resistance encouraged the sellers to act. As a result, the price of black gold moved sharply lower and tested the strength of the pink bullish gap created in the previous week. As it turned ... (full story)