Oil price has been stable in the past month. In fact, the daily chart shows price essentially oscillate above and below 45 since it retreated from about 51.60.USDWTI Daily Chart 9/29(click to enlarge)Consolidation pattern broken:- The daily chart shows that after an upswing in the first half of August, price started to consolidate in what appears to be a falling wedge.- However, price rallied this week and broke above this consolidation pattern. 48.00 is important:- We can see that there is another falling resistance in the daily chart. - Basically, I think a more important break will be one above 48. - A break above 48 would clear this second falling resistance and more importantly, the previous September high. - The ability to break September's high would be a sign that oil price could be on a bullish continuation attempt. - Above 48, WTI Crude opens up to 50, and the 51.63 high. 51.60 is even more important - its a neckline- When we look at the weekly chart we can see that 51.60 is actually a very critical resistance.- It would be the neckline of an inverted head and shoulders pattern.- A break above 51.70 for example could complete a large price bottom, and officially end the bearish cycle from 2014 through 2015. USDWTi Weekly Chart(click to enlarge)