I base my analysis on this Monthly chart, from what I can see Oil has come to an area of demand and I believe we could get a bounce here for a target of 25.50. 20 Handle seems to be holding at the moment and building a base for a push higher. I can see another level at 19.50 if 20 handle does not hold. I am keeping an eye at the moment.
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There is a gap between 36 to 42 Handle which needs to be filled, but I see that as a longer term target.
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Oil started its move finally and just trading above 21 Handle. Based on US data coming on Thursday and Friday we might have 30 Handle as our second Target.
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We have hit a little speed bump at 22.35 to 23 area but this should not stop the price to move higher.