WTI Crude oil has been in a bullish reversal in August. Basically, the bearish price action in June through July can be considered a completed correction phase, and oil is back into its prevailing uptrend. WTI Crude 4H Chart 8/23(click to enlarge)The breakout and engulfing candle:- The bullish trend in August already broke many critical resistance factors. - The RSI reflects a market that has strong bullish momentum. - Finally, today's strong bullish engulfing candle confirms that bulls are in the market .WTI Crude Weekly Chart (click to enlarge)Inverted head and shoulders pattern:- As we can see in the weekly chart, there is an inverted H&S pattern forming.- The August rally is completing the second shoulder. - Perhaps there will be some stickiness around 50 as price enters into the neckline area. - But we can see that if the 2016 uptrend extends it could be reversing the sharp slide from 2014 and 2015. - With that in mind, the 60 level, around the highs from 2015, could be in sight for the rest of this year.