mnmanstein

Symmetrical Triangle developoing....

FX:USOIL   CFDs on Crude Oil (WTI)

Definitely a symmetrical developing for WTI. It is nicely noticeable using the 1 hour chart. Clearly the $63 area is support, and it is now a battle between the bulls who are trying to keep WTI above $63, while the bears seek to break it down below $63. The apex of this symmetrical triangle will be hit fairly soon. My guess is that within the next 2-4 hours, WTI will break out (which way it goes, I am not sure).

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