Crude Breaks Short Term Triangle; Technical Confluence Near 110.50
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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Commodity Analysis: Crude broke to fresh highs from several days of consolidation, specifically a triangle. A target is derived by adding the width of the widest point of the triangle (in price) to the breakout point. In this case, target is 110.57. This happens to coincide with the 2012 high of 110.53. 61.8% of the target is 109.37.
Commodity Trading Strategy: Missed chance to get the triangle break. Not chasing.
LEVELS: 106.15 106.64 107.43 109.05 109.37 110.53