Oil peaked up past the 41.29 level for a brief moment, before returning back to the range it has been holding all week. Oil has been making higher highs and lower lows, a tell-tale sign of a bull rally. Also the Kovach OBV has been quite bullish . However, it is having trouble breaking higher levels. the 41.69 proved quite difficult and it got smacked down from this level easily. Hence this rally seems quite weak by comparison with other oil rallies so dont get caught up in fomo. A 200 tick squeeze is not uncommon for this product and we have not seen that recently. Note that this could mean that oil is coiling up for a breakout, as the lack of volatility suggests a consolidation pattern. Longer term, it looks like we have a giant bull wedge forming.

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