See the purple rectangle in the weekly chart of WTI Oil below. There we can see that price has been trading in a fairly tight range for the past six weeks. Is this a sign that the market is gearing up for a breakout?
Personally I'm bullish on oil and have been long since price was in the mid-40s back in January. I've mentioned before that a pullback to at least 54.25 is to be expected, though in light of how long we've been consolidating, I think it might go further down -- perhaps back to the mid 40s. Personally, though, I'm targeting at least $77, where I'll make a partial exit, with a total exit possibly at around $105.