Will crude oil bull return ?

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I have been extremely bullish about crude oil for the past few weeks. I think there is a great chance that it will hit USD70-80 again. Not that I am happy that petrol price will go up again which will affect most people. But I think it is going to one of those highly profitable situation if you are in the futures trading business.

Please take a look at the CLK9 weekly chart, we seems to be seeing a double bottoms in formation with the indicator flashing a bullish divergence. This is extremely important as this MAY be telling us that this commodity is already near its long term terminal point. Of course we would a need of confirmation and that would be a weekly closing (Friday's closing) of above its prior high or the middle Bollinger Band.

The daily chart is a really exciting and wonderful piece. The MACD has formed multiple bullish divergence (higher troughs) while prices have done lower lows. The MACD is nearer to its zero signal line than ever which is an added bullishness. You would take note that the ADX has been falling and gone below its 20 signal line which is confirming crude oil's recent range bounding (as marked by the 2 horizontal lines). Price did a new low 2 days ago but somewhat recovered yesterday.

I must emphasize here I am NOT saying crude oil will begin its extreme bull rally tomorrow and I never believe in "BUY LOW" as I honestly do not know where is it. In fact there is nothing to say that it may go further south.

In order to confirm the bull is back, we need:-

1) Closing prices above its prior high of 58.31.

2) Both short term moving averages above long term moving average and prices must be also all the 3 moving averages. (or above the Bollinger Band top will do too)

3) most important of all is that the ADX must rise in tandem with the prices. Otherwise it would be just another false break which is common in a range bound situation.

Many people ask how can crude oil rise when the whole global economies are in such a dump. Search me as I am not a fundamental analysis guy. Let those "experts explain " to you after it happened. But I can tell you this: I read from somewhere recently that the US consumption of oil only fall 1% last December compared to 2007's month to month. If the US economy is really doing that bad as in their propaganda, why only a 1% drop? Chew on that.

I can only educatedly predict what a market will do next base on technical analysis and I often find it profitable. I mean how many 'experts' can explain to you why the USD's current bull rally in advance?