Oil prices -- which have been consolidating in a triangle consolidation pattern for the better part of 5 months -- have now broken out of that pattern. Prices are alos above the 10 and 20 week SMA, which will now provide technical support for sell-offs. Also note the MACD and RSI are rising with plenty of room to move higher. This is a very bullish set-up.
The daily chart shows more detail of the above actions. Notice that prices and the SMAs have now aligned in a very bullish configuration -- prices are above all the SMAs, all the SMAs are rising and the shorter SMAs are above the longer SMAs. In addition, the MACD has been rising for 5 months and the RSI has been rising for the last month and a half. This is also a good looking chart.
