Seems to be a Head and Shoulder formation incoming after the so-called "pump".
If neck-line gets broken there could be a big fall. Fundamentally speaking the oil looks weak short-term with oil demand declining, refinery utilization low, fuel storage rising with crude stocks and countries like Iraq unable to pay government expenses with current production rates. Factors that could trigger further bull is; market positivty due to vaccines, libyan war, increased conflict between Iran & Israel/USA or Iraq civil war/attacks on their oil production fields (though bear in mind that an attack on just a couple of their facilities will facilitate further increase of production from other Iraqi oil fields).
By the way, would appreciate rep as I don't have enough reps to comment in chats :-(
If neck-line gets broken there could be a big fall. Fundamentally speaking the oil looks weak short-term with oil demand declining, refinery utilization low, fuel storage rising with crude stocks and countries like Iraq unable to pay government expenses with current production rates. Factors that could trigger further bull is; market positivty due to vaccines, libyan war, increased conflict between Iran & Israel/USA or Iraq civil war/attacks on their oil production fields (though bear in mind that an attack on just a couple of their facilities will facilitate further increase of production from other Iraqi oil fields).
By the way, would appreciate rep as I don't have enough reps to comment in chats :-(