The weekly chart shows the market is still in a triangle consolidation pattern. However, notice the RSI is rising and the MACD has given us a bullish crossover signal.
The MACD has been rising since November and the RSI has been increasing for the last month. In addition, this chart clearly shows the triangle consolidation that started at the end of last year. The SMA picture is still muddled with the 10, 20 and 50 bunched together within a few points of each other. However, the summer is typically a time when oil rallies as the "summer driving season" kicks into high gear.
