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WTI Crude Oil Stabilized and Threatening 50

WTI Crude cracked below 38 at the end of August but has since stabilized. The daily chart shows that August ended with a V-shape reversal after which price has been consolidating mostly above 44.00, but below 50.00, in something of a triangle as we can see in the daily chart.

WTI Crude Daily Chart 10.7
(click to enlarge)

Price action suggests further upside at least in the short-term. If price can push above 50, it should be able to reach towards the 54.00 pivot or even up to the 57.00 support area of a previous consolidation range.

We should limit the bullish outlook. I anticipate price to settle back around the psychological level of 50. While the price action in the past month or so has been bullish and suggests further upside in the short-term, the prevailing trend was bearish in the medium and longer medium-term, going back to the levels around 100 from 2011-2014 (Price started sliding sharply mid 2014).