The market has reached a three year high, and we are now in territory not seen since November 2014. As the chart below shows, the last time we were at the price, it was as oil prices were declining sharply.
The chart below shows WTI crude oil prices dating back to mid-2015. The Blue and Grey histogram is the volume-at-price throughout this period. The pink line within the histogram is the Volume Point of Control (VPOC), which is the most heavily traded price at around $49.
The low volume area, in November 2014, has been highlighted on the chart. This is were the market has sold off rapidly, and hence there was comparatively little trading volume. As we re-enter this low volume area, we would expect the market to move up through it relatively swiftly, with a target of around $73.