Oil continues consolidating

Oil had a good rally and the MACD indicator is showing us that the bullish trend is still in place but it is losing strength due to the recent consolidation around the 47.00 level on WTI Oil. The range of the consolidation is getting tighter and it could be forming a symmetrical triangle or a pennant from where the price may come out in any direction. If the price continues going higher, then the 50.00 level may act as resistance, but if it breaks to the downside and drops below the 46.00 level, then the 44.00 level may act as support, along with the 200 day exponential moving average.