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Crude Oil Testing Symmetrical Triangle and Neckline Barriers

Crude Oil Testing Symmetrical Triangle and Neckline Barriers

Jamie Saettele, CMT, Sr. Technical Strategist

Daily (Log Scale)

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Crude has rallied over 12% the last days and right into the trendline that originates from the May 2015 high. More importantly, the June and October highs are being tested. A break above the current level would complete a 16 month inverse head and shoulders pattern. The right shoulder has formed as a symmetrical triangle. A great deal of potential exists from the combination of patterns. The inverse head and shoulders objective would be 75.72.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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