mxb1961

USOil setting a bottom in a larger ascending triangle

Long
TVC:USOIL   CFDs on WTI Crude Oil
Using the weekly and daily chart for USOil, I think that price is setting a third base in an ascending triangle. There looks to be a good area of support at the 42.9x - 43.1x area and will watch to see if price moves up off this support. Watching the HA chart (top) for some type of pattern to signal trend change along with confirmation in indicators. If this plays out, eventual target is 52. Furthermore, this could be the base to a much larger move to the upside. I'm currently on side waiting to see price action on 11/14 - 11/15.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.