It's highly probably that the WTI Oil price will rise towards $55-65 over the coming weeks. Price has reached important support levels and as long as it remains above $41-42 there are a lot of chances of seeing a new upward move starting soon.
As can be seen in the weekly chart above, oil price has completed 5 waves down and is in the process of bouncing toward the 1st target of 38% Fibonacci retracement. Weekly stochastics are positively sloped and the lower Ichimoku cloud boundary is a very feasible target.
In the short term, price has managed to pull back towards the support area of $43-44 and as long as we trade above $42 a spike higher could be in the cards over the coming days or even hours. So we are risking around $2-3 per mini contract with possible targets $10-15 higher from current levels. I’m bullish now at current levels. I want to see oil futures break above the short-term downward sloping trend line and the $46.15 level.