NEW YORK ( www.TheGoldAndOilGuy.com) -- Crude oil has been trading the past year between the 2011 high and low. That trading range has been contracting, with a series of lower highs and higher lows in 2012. Because it is taking place after an uptrend, this pennant formation is a bullish pattern, with a chance of seeing $110 and possibly even $140+ per barrel in the next 6-18 months.If you look at the weekly investing chart of crude oil, the key support and resistance levels are clearly marked. A breakout of the white pennant will trigger a move to the next support or resistance level. And judging from the positive economic numbers, not only from the USA but globally, the odds are increased for the $110+ price target to be reached sooner than later.