We saw a strong push higher by shares of Weatherford INTL (WFT) during the 3/7 session. This was accompanied by several analyst upgrades. For example, Streetinsider.com wrote, CapitalOne Upgrades Weatherford International (WFT) to Overweight. But the more important news is the new CEO. Streetinsider.com also reported, Halliburton (HAL) CFO Leaves to Become CEO of Weatherford (WFT).Now, the market seems to in concurrence with the CapitalOne upgrade as it pushed WFT 12.56% higher during the 3/7 session.Weatherford INTL (WFT) Daily Chart(click to enlarge)Bullish Breaks:- The rally so far doesn't look convincing for a bullish trend because of its choppy structure. - BUT, there are 3 key bullish breakouts that suggests some upside.1) Price broke above the a falling trendline. We can see this more clearly on the weekly chart below.2) Price broke above the 200-day and 100-day simple moving averages (SMAs). Then it bounced off of this SMA cluster as support. This is known as a bullish "slingshot" signal.3) Finally, we saw the 3/7 session market push WFT above a common resistance around 6.35. This officially creates a price bottom.These bullish signs suggest considering buying on a dip. Weatherford INTL (WFT) Weekly Chart(click to enlarge)Bears Still in Control:- While we see some bullish development on the daily chart, we still see a bearish market in the weekly chart.- Now, if price pushes above 7.00, I think we can say that the trend shifted from bearish to sideways if not bullish.- In fact, with price under 7.00, WFT is still vulnerable to a bearish continuation attempt. - A break below 5.50 should signal bearish continuation towards 4.00 and possibly lower.So, will the short to medium-term bullish development extend enough to challenge the long-term downtrend? So far, I like the chances for upside, but would first limit it to the 2016 high around 8.80. The most aggressive outlook should probably be limited to 10.00 at the moment.