Oil is consolidating in a symmetrical triangle pattern between 104 and 108. If I was to place any bets, I'd wager a move higher. All the short-term trending indicators (shorter EMAs) are moving higher, there's still a positive volume inflow and the MACD is positioned to give a buy signal on a price upswing.
Also note the bullish tenor of the weekly chart: rising EMAs, capital inflow and rising MACD.
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