Crude oil (US OIL)showing descending triangle pattern
Updated
Crude oil (US OIL)showing descending triangle pattern
Recent peak of crude oil is 36.28
and support line of triangle is around 29.95
Friday we had false break out and closed inside Descending triangle..
Next week or two looking a target 23 to 24.. and pattern calculation target is 23.62.
Always plan to have 1% strict stop loss during high volatile and uncertain times.
Any strong break above this triangle will also invalidate this view.
Recent peak of crude oil is 36.28
and support line of triangle is around 29.95
Friday we had false break out and closed inside Descending triangle..
Next week or two looking a target 23 to 24.. and pattern calculation target is 23.62.
Always plan to have 1% strict stop loss during high volatile and uncertain times.
Any strong break above this triangle will also invalidate this view.
Trade closed: target reached
What move from 31 to 23 and now 20...crude got hammered this week.. Personally feel it is bottomed.. Russia raising a white Flag...and some experts are expecting bounce at this level as it hit long term support, Ideal time to go longDisclaimer
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