Crude oil had closed an Elliott impulse wave pattern at 44.55, starting a correction wave pattern that should bring oil price inside the red channel between 40.97 (.618 Fibonacci) and 42.50 (.786 Fibonacci). BBW is giving low volatilty signal that it's usually connected to a price explosion which should happen soon. The direction of the price explosion depends on various variables as volume, production and consumption forecast analysis, investors perceptions and, last but not least, API Weekly Crude Oil Stock data.
As we can see from the chart below, on 4h time frame MACD is approaching to give a sell signal side by side with a loss of strength on retracement. I'm strongly confident that crude oil price will retrace in the red drawn channel before bouncing, but I need a confirmation that should arrive in next hours.
Regardless of previous analysis, Fibonacci extension is indicating that crude oil price should reach 50$ per barrel (1.618 ext), creating a new Elliott impulse wave and giving the umpteenth confirmation about its long term bullish trend.
Next resistances are 44.16 and 44.45.
Next supports are 42.82, 42.00 and 41.38.