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The weekly chart of WTI oil shows the significant resistance level of $52 still in play. The overall picture is bullish, with a significant reversal pattern in play starting from July – August 2015 and an inverse head and shoulder has developed. The right side of the chart has become complex, with an ascending pattern showing three significant swing lows. This type of pattern becomes important when three lows (shown on the chart) are not broken to the downside. Overall, this is a bullish setup.
The outside range set (3) has marked the low at short-term support, which is a very bullish sign.