The softness in global demand is an issue over the past several months, so I am not necessarily looking for a new, long-term uptrend, but rather a trading rally that can move the price of oil up 15%-20% within the next 1-3 months, with the likelihood that the rally will be faster.
Look at the "yellow circle" on the chart. This is the "beach ball" being held underwater down here. It isn't easy to hold a beach ball underwater and any reduction in pressure will allow the ball to lift back up. So, since the election is over, I will presume that there are likely far fewer sellers down here and a ripping rally is likely just around the corner.
Upside is back to the highs. Risk is 3 average true ranges.