Oil still remains in my point of view is being to reach the level at around 54. xx in the coming weeks; for your reference take a look at my update about USOil month ago at following link https://www.tradingview.com/chart/USOIL/aMUT3zgH-Crude-Oil-Long/
Currently WTI has made a corrective and it probably finds a support at my drawn projected in yellow, which indicates us that a next upward movement has been forming now to fulfill the 5th waves; anyway, WTI price must yet break out the upper green zone, then 54. xx is not far to reach anymore.
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- For crude oil/energy market analysis: it is more based on fundamental factors analysis, especially supply and demand factors in physical trading. In this purpose, technical analysis is one of tools, NOT THE ONLY TOOL, to use for projecting/predicting the development of price in short/medium/long term in the futures.
- For crude oil/commodity trading: I think all you know that it depends on style you trade (day/swing) but technical analysis normally is the main tool to use effectively because (in short term) the momentum and development of price showing/including all the factors, sentiment and even psychology of the market.
For me, we trade crude oil in the futures market is very different with trading crude oil in the physical market. The futures market is just like a factor and a trend of price. However, it still always change so that's why we have contango/backwardation situations in futures contracts.
Finally, it depends on your purpose: just trading or investing or hedging, but should not use the wrong tools for your purpose even the combination of both fundamental and technical analysis is good in some cases.
It is just what I think and just would like to contribute to your interesting discussion.
Thank you for taking your time of sharing ideas and comments and reading my words.