The 1/8 Murrey Math Level has acted as support, that's why oil prices are likely to have reached the bottom. Previously, 1/8 MM Level stopped bears a few times, which pushed the market significantly higher. Another pullback from 1/8 MM Level could be a departure point for a bullish rally. However, the market remains under the Super Trend Lines, so we should wait for a breakout of the four-hour ST-Line as confirmation of this scenario. Additionally, it's also possible that the price could test 1/8 MM Level one more time. The subsequent pullback from this level will bring more evidence for the bullish outlook.
If the market breaks and holds firmly above the four-hour ST-Line and 2/8 MM Level, we should watch 4/8 MM Level as a potential intraday target. If the price goes through this level, all eyes will be at 6/8 MM Level as the next target. At the same time, we should monitor the Daily ST-Line, which could act as resistance. If this happens, there'll be a moment to have a local downward correction, possible in the direction of 2/8 MM Level. Besides, 4/8 MM Level could be a strong barrier for bulls, and a pullback from this level could lead to another massive sell-off.
The bottom line is that there's a bullish opportunity on oil. The main target is 4/8 MM Level, but if the market breaks this line, we could see the price even higher. Nevertheless, we should wait for the oil's fixation above the four-hour Super Trend Lines just to be sure that bulls are coming into the market.