Fundamentally, the oil case remains . Saudi Arabia wants to cut production to bolster prices and recently Trump slapped sanctions on Venezuelan oil . This is somewhat offset by the massive amount of oil production that is occurring in the US, with US oil production being 23 years ahead of schedule! That all being said, prices are still very low compared to where they were 3 months ago before the Saudi cuts and Venezuelan sanctions.
In the chart, above we see symmetry in two 16-session ranges with a dip in the middle. There is no rule that says we have to breakout in a symmetrical fashion to how we broke down, but often charts do follow these patterns. For that reason and all of the reasons stated above, I like buying oil on a breakout, which I believe we may be seeing right now.
I would be a buyer of crude oil at these levels: 54.00-54.50