Oil prices will need a retracement depending on Weekly chart, because of the political and geo-political risk on OIL prices can go higher without a retracement. Question mark implies this possibility. One way or another prices will go higher for long term ( 1 - 2 years).
USOIL Weekly Chart;
The biggest channel is from Weekly chart. I'm waiting this retracement on Daily chart is being finished with this channel breakout.
After breakout first support area will be 1.4057 and after this 1.3835 - 1.3840 will act as a good support area.
Above the price 1.4460 will be our resistance but trend is down so I think we wont touch that point these days.
Green Trend Line is not significant but that will show us when bears could come to market.
124.670 is good point to putting a short order after breakout of that level short positions will increase. 127.300 is strong resistance for now. If this area broken then short orders will be canceled;
Below 122.00 - 122.100 will act as support but after previous breakout...