Support near $43 and resistance near $54 makes the trading band around $11 wide.
In the past, oil has often ranged in trading band around $10 wide. The oil market appears to have re-set this spread, expanding to $11. This gives the upside projection target for the trading band near $65, which was achieved in late January.
Trading bands have two important features. The first feature is the way price consolidates near the upper and lower edge of the trading band. It is rare for a rising price to quickly move above the trading band projection level.
The second feature is the way prices develop rally-and-retreat behavior between the upper and lower edges of the trading band. This can prevail for a brief period, or for many months.
The current trading band breakout and retreat is moving toward the value of the uptrend line that started in July 2017. Investors watch for a rebound from this trend line value and a retest of the trading resistance level near $65.