I've been looking at this chart for a lil while now. oil has been running almost nonstop to the upside as this chart shows. Many reasons for this as there is a geopolical risk premium built into this along with supply constrain there is because of the opec cuts and Venezuelan crisis so it seems there is a potential oil supply shortage in the making so that's why I think oil could go higher from here also when it comes to the technicals it broke out of the channel as you can see but at the same time many of my indicators are turning bearish and also the front month in the curve is too elevated so there is a lot of risk as well.
Comment:
Long term picture still looking good. Target is in sight. Oil has been very bullish and every dip has been bought so far, considering all the supply constrain there is.