The rebound from the Jan. 29 low of $43.58 has adopted a three-wave mode, with the third wave labelled C consisting of five small waves. The final small wave labelled 5 is unfolding towards $53.38, the 50 percent Fibonacci projection level of the wave C.
From February 3, oil has been consolidating within a wedge, the upper trend line of which points to $53.38 as well.
An immediate resistance is at $52.12, the 38.2 percent level, a break above which will confirm the target at $53.38. Support is at $49.61, the 14.6 percent level, a break below which could lead to a further loss to $48.05.