Daily Chart
Crude Oil price is forming a symmetrical triangle with blue and red line narrowing. It is still well above the red color uptrend support line. Higher volatility is expected next month due to OPEC meeting on May 25, 2017. Immediate target is $60 if OPEC member agreed to continue the production output cut.
Monthly Chart
Crude Oil bottomed out at $26 then re-bounced towards Fibonacci retracement 23.6%. Although 23.6% retracement is commonly regarded relatively shallow, but it signals flag for short pullback. Crude Oil is the most liquid commodity in the world and the price movement is not purely based on the supply and demand. OPEC plays an important role to influence the direction. Whatever the next OPEC decision is, trade what you see on chart with care.