Oil market price has shown some strong support this week after touching the 50.75 $ area and the 200 day moving average (red line) in weekly chart. Market structure looks bullish on smaller time frames and has shown an important bullish hammer candle formation in weekly chart as shown in the second chart. The market must confirm the drawn buy area before another up wave can start. A possible inverse head and shoulder formation could support a run above the drawn down trend line.
Stop loss under 50 $ after confirmed long entry within buy area. Long entry confirmation is close of several 4 hour candles within buy area and above 52 $.