West Texas Intermediate Crude Oil (WTI for short) has traded in a narrowing range for the past few months and might be on the verge of a large move higher:

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1. A decisive breakout above $105 from the multi-month ascending triangle would indicated a measured move target of roughly $120/barrel

2. July through September is the most bullish period of the year for oil prices historically:



3. The Middle East has become increasingly destabilized in recent weeks with Libya experiencing a full-fledged civil war and Iraq now losing part of its north to extremist Islamist groups - any disruption of oil output from Libya or Iraq during the high demand summer months could send oil prices soaring.