The price of U.S. Oil may rise in the medium term, according to our technical analysis. The RSI oscillator on the daily chart is into a small retracement, but the uptrend might continue in the near term. If the price hits 58.30 level, there is a sign of clear uptrend and the next level will be 63.61 (Fibo 61%).
According to the weekly chart, the price might rise to close the gap at 63.21. The next significant level will be at 66.80. The bullish price pattern and the bullish RSI pattern are in the progress of getting completed. The bottom on the RSI pattern (26) was reached in December last year.