The contract is riding on a wave 3, the third wave of a five-wave cycle from the April 5 low of $35.24.
It has travelled briefly above a resistance at $42.09, the 176.4 percent level.
Chances are it may extend into a range of $43.98-$44.70, formed by the 238.2 percent and the 261.8 percent levels.
Working together with the resistance is another one at $41.90, the March 22 high. These two resistances have formed a resistance zone, forcing oil to retrace towards the 150 percent level at $41.28, around which the uptrend may resume.
A Fibonacci retracement analysis on the fall from the Oct. 9 high of $50.92 to the Feb. 11 low of $26.05 indicates a target at $45.05, the 76.4 percent retracement, near $44.70.
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