Crude is currently consolidating within a symmetrical triangle, as seen on the 4-hour chart.
A breakout looks likely as repeated failure on the part of the bears to keep prices below $59 since March 18 indicates the pullback has run its course.
A triangle breakout would open the doors for a move above $62.
A triangle breakdown should be viewed with caution due to persistent bear failure below $59 seen in recent weeks.
A breakout looks likely as repeated failure on the part of the bears to keep prices below $59 since March 18 indicates the pullback has run its course.
A triangle breakout would open the doors for a move above $62.
A triangle breakdown should be viewed with caution due to persistent bear failure below $59 seen in recent weeks.