Crude Oil among all commodities has a star status for its high volatility.
I observe the chart pattern that looks to me at present as a Bull Flag consolidation range. If we measure the previous leg from the $65 low to nearly $85 high we have a target step of 20 bucks.
Now if take the consolidation low around $75 - if I breakout around $83-84 materializes in next 2 days we have a target around $95 and most probably the psychological $100 level.
This upward trend is still contained within the big channel and price is currently holding above the pivotal 21-Day MA.
While Volatility measured here by the ATR (2.57 now) has been relatively low recently in my view it is trending higher and once $83 is broken we might see a strong rise in momentum that is usually accompanying a breakout move.
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