Please see right highlight drawing. Scenario 1- building a top high (3 tops etc.) between 31.30 and 34.50 for falling down very deeply to 21.40. Scenario 2 - keep in range between 31.30 and 34.50 for almost 1 weeks, then go up to 40.60 level. Scenario 3 - just move into this wide range for at least 6 month.
we would need to see, but i am expecting if oil goes higher it must have a correction for a least a week to turn bearish in h1-h4 chart