Oil has slipped over the last few days, leading some to believe that crude comeback is over.
While oil did recover on Wednesday, the general trend has been downward since oil hit above $50 last week. Strategas technical analyst Chris Verrone believes the downtrend is here to stay, especially given the risk associated with crude stocks.
"I think the risk outweighs the possible reward here," he said Wednesday on CNBC's "Trading Nation." "We've had a 95 percent rally over about 75 trading days. That looks excessive to us given the short magnitude of time."
Verrone also points to a long-term chart of oil that shows that crude is being "stretched" over its 200-day moving average, a smoothing mechanism which he believes will be "rechallenged" to the downside for oil.
But not everyone is so skeptical. Oil production is on the agenda for Thursday's OPEC meeting, and the bulls are hoping (perhaps beyond hope) for the announcement of an output cap, in order to quell global oversupply.