Crude gained $2.58 last week to close at 38.50 – on the declining trendline and the 50% retracement of the October decline. My bandwidth indicator has turned down, indicating that the rally is long-in-the-tooth. On Friday, crude tested 39.00, which makes the February rally equal to 150% of the January rally; a natural stopping point.
The daily Coppock is overbought, warning of a downturn in crude, but it is also high enough to characterize it as confirming the high in crude (i.e. higher highs ahead after the next wave down).