WTI heading higher long term, possible correction near term....

I would look for oil to continue upwards over the coming weeks and months. WTI has clearly been following the ascending trend line (shown in blue on my chart). I have circled (in black) all of the times that WTI has found support at this line. WTI has dropped below this line three different times over the past couple of months, but has then went back above that line each and every time. I would look for WTI to possibly fall back towards this line over the coming days as WTI seems to have "topped out" around $50.50 again, and with it well into overbought territory on the STOCH/RSI, it is due for a small retracement back to that blue ascending line. As long as WTI remains well above this ascending line, then I would eventually look for WTI to hit the $52-$55 area. I think it will have major difficulties breaking through $55 again, but anything is possible (especially if OPEC announces that they are extending their production cuts at their November meeting). We shall see. Good luck to all!