Here is what I said about crude on 2nd December. We expected on 2nd December that crude might come back up to 49.70-49.20 to give a long term buying opportunity for 2017. It did exactly that and printed a low of 49.61 on 8 December and printed a high of 54.51 on 12 December, and is trading at 53.59 at the time of writing.
Right now it seems like we are on our way to $70 but we need caution here and to stick with strict stops as MACD might be forming a bullish slingshot on the daily chart, but after 3 closes the same will be considered as a confirmed bearish crossover.
Here is the daily chart of crude oil. No doubt the chart is looking good, but a closer look is always necessary to be on the right path. MACD is just trying to form a bullish slingshot here, but we should be careful, as the same will be considered as a bearish crossover after decisive close of signal line below. So far, no threat to bulls.
Let's check the lower time frame chart to check further strength or weakness.
Here is the 5 hour chart above, which is showing a control of bulls so far and last resistance zone for bulls is 53.8-54.50. If it clears decisively then we are on the way towards $56.00/58.00.
Resistance: 54.50 / 55.80
Support: 52.00 / 50.40