Technically, the WTIC oil price completed a double-bottom in January and February at approximately $27.50. Thereafter, the (red) resistance at $32 was broken successfully, whereafter a new upward trend started within the (green) trend channel. Next horizontal resistance at $51 and thereafter at $56. Thus, a buy-signal is active at the moment. Sell-signal when breaching the lower (green) support currently at $45.
Live version: http://schrts.co/wraFxd
The longer-term picture shows that a second pullback to the (green) triangle leg was completed in early 2016. As the (green) triangle legs were not breached to the downside, a buy-signal resulted, because a thrust to the upside has become likely. The goal of this thrust (the final movement out of a triangular price formation) is to break above the resistance which was marked by the previous breakout ($90-$140). As the price has risen above the (blue-dotted) resistance recently, another buy-signal was generated (sell-signal when breaching this new support at $49). If this support holds, a further increase to the next (blue-dotted) resistance is anticipated ($60). A breakout above the (blue-dotted) resistance at $70 would generate a strong buy-signal until next resistance at $90. If the $90 level can be transformed into new support, a strong bullmarket is expected thereafter attempting to break above previous highs.
Live version: http://schrts.co/c8TSzN
The following infographic on the oil economy and global crude oil production was designed by SavvyBeaver.ca:
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