Continuing from the previous post, zooming into the Daily there's a similar pattern of consolidation occurring as we saw on the monthly.
From the lows of July 2016 the price has been given a mighty push upwards towards $52 amounting to a 57% increase in value in a relatively short period of time.
This can be due to the turnaround in the fortunes of oil supplies which have been lessening following an agreement by OPEC nations to cut production.
Currently the price is situated in no mans land and isn't resting on an optimal support or resistance in order to call a direction.
However if we use the analysis in the previous chart in our assessment of this one it's clear to see that there still remains potential in this stock should we see continued effort by the buyers.
A price above $52 should see the buyers staging a fresh rally.
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