Sideways movement on oil

The consolidation continues on WTI oil, as shown on the daily chart of the august contract. The sideways movement has formed just below the 50.00 level and the range seems to be tightening. The longer the consolidation lasts, the stronger the price may move in case of a breakout to the upside or to the downside. Above the 50.00 level we have seen that its next resistance is the 60.00 level. To the downside, the 200 day exponential moving average, around the 44.00 level could act as support. The stochastics are also consolidating without taking a clear direction.