A Sharp triangle is formed in Crude oil (Weekly). Interestingly the price is Trading near a Strong Psychological Support of $50.
Will the Crude oil be able to break out of this range?
Interestingly, Crude oil has also created a Rectangle pattern over the weeks. A Rectangle inside a Triangle - It only indicates there's a lot going on around this area of $50 & $60. And we can expect a Strong move upon a break out.
The Candle that tried to break out of this range (Marked in arrow) a couple of weeks ago, indicates how active the sellers were in driving the price back to the Neutral zone.
Crude oil needs to test a Strong Support level for gaining the momentum needed to break out of this zone. We can expect the Price to come down till $50, before we see any real buying opportunity
Will the Crude oil be able to break out of this range?
Interestingly, Crude oil has also created a Rectangle pattern over the weeks. A Rectangle inside a Triangle - It only indicates there's a lot going on around this area of $50 & $60. And we can expect a Strong move upon a break out.
The Candle that tried to break out of this range (Marked in arrow) a couple of weeks ago, indicates how active the sellers were in driving the price back to the Neutral zone.
Crude oil needs to test a Strong Support level for gaining the momentum needed to break out of this zone. We can expect the Price to come down till $50, before we see any real buying opportunity