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Crude Oil Testing Symmetrical Triangle and Neckline Barriers

Crude Oil Testing Symmetrical Triangle and Neckline Barriers

2016-12-01 21:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Oil Testing Symmetrical Triangle and Neckline Barriers

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.

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