Recently, I pulled out of my long oil position expecting some volatility and possible bearish correction around 50. While there were a few days of consolidation, price action this week appears to be back to the bullish mode as price breaks above 50.00 into a new high on the year.USDWTI Daily Chart 6/7 (click to enlarge) The daily chart shows oil breaking above the current consolidation that has taken a little more than a week. As it clears 50.00, the 53.80 -54 area will be in sight. This is a common support/resistance pivot area, where there might be sellers at least for the short-term. At this point, even though price has broken above 50.00, a slide back below 49 could signal a false breakout, which could suggest a period of consolidation or bearish correction.