If you follow charting at all you can see, with some of chart reader's favorite tools, a little imagination, a head ans shoulders pattern in January and March, a reverse head and shoulders pattern March and May, and what could be a double top if oil prices fail to go higher between the October high the current June high.
We have liked oil since before it hit $27 a barrel and we have said so. That doesn't mean it will keep going straight up. On any sizable pullback we'd being buying more not for 2016 but 2017 and even further out. Once zero and sub-zero interest rates get recognized for what they are, central bankers' pig in a poke, we expect higher commodity prices.
Meanwhile, here's source for the chart and a read you might find interesting.
cnbc.com/2016/06/08/crude-prices-this-chart-says-oil-could-hit-60--and-fast.
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