Oil right now appears to be in a downtrend meaning the gradual increase in price over the past few day’s has merely been a pull back. The pull back however, seems to have been exhausted as it’s encounter a strong resistance around the 17-17.50 zone (illustrated by the multiple failed attempts to breakthrough). This theory is supported by the formation of the doji candle on the 1 day chart which points to a weaken of the bulls, thus indicating a short term reversal in favour of the bears. In addition, Fridays closing price barely managed to pass the previous days closing pricing which is another indication of the bulls losing strength.