Since the start of the year the commodity lost more than 4.0% however last week rose more than 10,5% and is in a recovery phase since the end of February 2016.
Last week the crude oil rallied with a wide range and closed at the high of the week, in addition managed to close above the previous week range, suggesting a strong bullish momentum.
Also this past week the commodity closed above the 10 week moving average for the first time in 17 weeks (November 2015).
Stochastic is showing strong bullish momentum however is still below the 50 mid line.
Expecting an upward move to a weekly resistance at 43.56 on a break above a key resistance at 37.74 (scenario 1).