Will crude oil continue to rise ?

The bull market in crude oil continues and we had a very important buy signal at 112.50 $ today in the point and figure chart which is a follow up signal from the breakout of the bearish resistance line at 108.50 $. A we can see the red bearish resistance line was breached at 108 $ in march and the market pulled back to 100 $ where the price found support at the former resistance level. Since resistance turned into support the way was paved to higher prices in crude oil, and the subsequent signal was the first buy signal at 108.50 $. On the other hand we can see a clear backwardation (or inverted carry market) situation in crude oil where the front month is higher priced than the following back months. As a rule of thumb rising prices are most accompanied by backwardation. This happens when demand exceeds supply and buyers want a commodity now and not in 2 or three months. A other point of view is to look at the seasonal window which is in favor for higher prices as well. So the price breakout today with the single buy signal at 112.50 $ came as no surprise to me. I think we can see even higher prices in crude oil in the following months. The next vertical count price target in the point and figure chart on crude oil is 125 $.

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily High/Low

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily High/Low

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily Close

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily Close