Chances of getting a bull market in oil

TVC:USOIL   CFDs on WTI Crude Oil
63 0
WTI had found support near historical low levels exactly 1 year ago in Feb 2016 (when some investment banks were projecting $10 a barrel, won't name which bank but it starts with a G). Since then we witnessed a 100% rally with big MONTHLY consecutive bull bars and just 1 big bear bar. Observe how the selling pressure disappeared as compared to the time from Jul 2014 till Feb 2016.

IF we treat WTI as a long term sideways from now on, we would expect the price to oscillate between $30-$100. An unpresedented MONTHLY head and shoulder bottom is currently in the making and I would not be surprised to see WTI reaching $60 in Q1 2017 and beyond for the rest of the year.
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