Looks like a fine bullish wedge. On a weekly chart one can see bullish engulfing bouncing off strong support area. Goldman Sachs warned of 20/BBL potential. I recall they predicted 200/BBL just before the collapse in 2008.
Agree. However I think there is still some time required. Seems to me that the price will retrieve back to 42$ levels before starting the bulls for the longer run. The 5 wave correction is not over yet. Please see my analysis attached
Fomenka
⋅
OK, thanks. However I think we can expect it sooner unles there is no compex correction. Have a look at a smaller subdivisions of EW pattern.
Fomenka
⋅
Even on monthly chart price action looks ridiculously promising. Such a nice pinbar and RSI deeply oversold demonstrating negative divergence. If not from here than 5 years from now we are going to 200 and beyond.