1) A break out of $80 from the sideways action over the last few months from 70-80 2) Support area around 80.5, 81.5 from bounces. However one thing to note, bears seem to be missing. The bearish moves previously was violent like on 23rd feb, 4th March, 7th march, 8th march.. were $2-3 moves. After that it was 10days bulls before a pull back that did not manage to test $80. 3) 80.5 support looks to hold, forming a W pattern.. It looks like a double bottom on the 4hr chart 4) May generally tends to be a bullish month if you look at previous years. blog.stonexone.com/summer-seasonality-and-wti-crude-oil-pricing
My thoughts are that Oil will continue to rise and it will test the major trendline from the Ukirane War top, around 83.6 - $86. Warning is that Bears have not showed up but if they do it can drop pretty fast, so I would be cautious longing from here onward. If there is a pull back, I would look at 80.5-80 for a buy opportunity but would also pair it with momentum indicators and confirmation of a turn around.