This is a continuation chart - June Futures CLM7 roll next week. New contract is CLN7 and it is about 30 pts higher (expect a gap up), so this chart may not be valid for your analysis.
However, I see a rising channel on your chart with the lower trend, on pull back, at circa $48.50 and also late April support
I agree with your analysis and direction.
Type in CLN7 / CL1! Current or CL2! next month to get the accurate Futures chart which is what we trade ... (You can't trade TVC)
... just my 2c worth
what you are saying is right; however, there are still sellers in the market looking for the price of $38 in a daily chart.
price has already tested area of 54-55 few times but did not break, could this be the point to stay we have resistance?!
my personal view is if OPEC members next week agree to extension of production cut price will move higher, otherwise we will see totally different scenario