Reasons for being on OIL :-
The last correction to $58 ended up forming base formation
not hitting oversold level of 30 on
Breakout above and retesting its neckline at $60.71
Forming a formation and a break above neckline last friday
backing it up with a positive crossover
above 50 adds to the strength to current move.
May retest $66 next week as long as it holds above $60.70