Crude Dip Would Offer Opportunity to Buy

240 Minute Bars

Prepared by Jamie Saettele, CMT

Crude is tracking the triangle pattern. “The sideways pattern since November may take the form of a triangle. If so, then expect additional range trading between the current level and 10200 before an upside break (above 10390).” Weakness from the current level would compose wave E (final leg of the triangle) and offer an opportunity to get long for the eventual breakout. Support is 100 and 98.

Bottom Line – flat