(Dec 2 Friday) On the weekly chart, WTI Crude Oil shows a good rebound from the low of 26.00 (Feb 15) and forms an upward channel with the rising bottoms. The crucial and psychological resistance of 50 has been breached 3 times from Jun 6, Oct 3 and today. The 14 day moving average rose from 45 to 50.48 while the 30 DMA rose steadily from 44 to 49.
The faster 14 DMA has converged with the more stable 30 DMA today at 46.95. However, both showing good rising impetus from the 42.00 level from Aug 15.
There is also a scalene right triangle formation on the chart that is obscure from view. The base of the triangle high is 50.00 to the low of 26.00. Take note of the price break at the 50 level. If this momentum continues, the long term price objective would be roughly 76.00. (Base 50-26 low = $24.00.) $50+24 equals 76.00.
The 76.00 supposed price objective is very close to the Fibonacci 75.96 (61.80%) retracement level. The next fibonacci retracement level is 56.87 (38.20%). The market has been short, and due for a correction soon.
The 14 day RSI (relative strenght index) shows two oversold levels at 26 and 30 (spot price low of 26.00). The rate of change versus 14 days has rebounded from 60, and holding above the 100 mark.