The USOIL chart seems to be stuck in a nasty range in the daily timeframe, and price has been bouncing off support and resistance levels. I am expecting the price to reach a level somewhere close to $53.95 a barrel, and i will place a sell trade around this area. The build up of prices is also reflected in the RSI which shows some overbought conditions. However, it is important to check price sensitivity around the $53 zone since prices may continue further bullish momentum if a break of this zone occurs. Currently, prices seem to be forming an ascending wedge and we will be looking to enter short positions on the breakout of this pattern.