Consolidation continues on oil

WTI crude oil, which trades in the US continues in a well-defined consolidation, which has been tightening its range. On the daily chart we can see how the 50.00 level has been acting as a good resistance. To the downside, it is possible for the 200 day exponential moving average to act as resistance in case the price drops to that zone, around the 44.39 level. Below that moving average the next support could be the 40.00 level. On the stochastics chart we can see that the lines have been converging, creating what it appears to be a symmetrical triangle. The formation on the stochastics is an indication that the price may come out in any direction.