On April 15, 2013 we observed a sharp selloff in bullions, base metals and Crude oil. Bullions broke the crucial levels, ended the secular uptrend and entered negative territory. However, Nymex Crude failed to move below the key support level, and continued sideways action in the triangle pattern.
Below is the Nymex Crude weekly chart which is moving near the important level of $100, and is on the verge of breaking triangle pattern.
In our previous update we mentioned that, “Overnight, prices have opened on a higher note and moved upside. In short, as long as prices sustain above previous day's low of 95 our favored view is positive and it can move higher towards 97.50/98 levels.”
Nymex Crude moved up exactly as expected. Prices continued the up move and made a high of 98.25 on Friday. A decisive close above 96 levels is required to open up further positive outlook. We are now closely observing prices, to see if they can manage to continue the further uptrend or start showing reversal signs from here.
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Will Crude Oil Break The Triangle Pattern?
Published 06/22/2013, 12:28 AM
Updated 05/14/2017, 06:45 AM
Will Crude Oil Break The Triangle Pattern?
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