From a technical perspective: As shown in the below chart, Crude is in a multi-month up trend and forming a bullish rising wedge.
From a fundamental perspective: Oil has tended to rise with stocks and risk sentiment, both of which are moving up for now. There are excellent arguments for a coming pullback in stocks, which would likely mean a drop for oil too. Moreover, there is near term oversupply, which could pressure prices near term. However, markets are look to the future, and sentiment has generally overridden near term inventory data.
Play the momentum: buy on breaks above $74, or sell on breaks below the rising trend line of the bullish wedge. Just keep a stop loss order reasonably close to minimize losses if the move goes against you
Play the range. Simply try to buy near $68, sell near $74, with stop losses not far from these levels to minimize losses if the reversal doesn't occur. If that's the case, use this as a signal to jump in and play the other direction.
Again, always use stop loss orders
DISCLOSURE AND DISCLAIMER: OPINIONS EXPRESSED ARE NOT NECESSARILY THOSE OF AVAFX, AUTHOR HAS POSITIONS IN ABOVE INSTRUMENTS.