1. We expected a short term retrace but it seems the shale producers and the OPEC have finally decided not to work at cross purposes. SA focusing on sales outside of the US is definitely playing a big part allowing shale to grow volumes while maintaining prices without creating a glut in US market.
2. Crude seems to have limited itself to the upper half of the bullish channel
indicating further strength.
3. Stoch RSI
indicators indicate another possible bull trend which may even break the channel.
4. If crude breaks the lower half of the channel, we may still see the long awaited retrace.