A variety of patterns.
Possible Bull Flag, possible cup and a large Rising Wedge that encompasses the trend on the recent chart.
The rising wedge (bearish if broken) is not valid as the bottom trendline has not been broken and has acted as a support line.
Price can break up from a wedge even if it is usually a short lived move.
The flag has broken the top trendline but did not do so with a "bang".
Targets if the wedge loses this battle are 57.12, 61.7. Targets 2 are 64.9 and 69.
Most of oil is in a rising wedge or is sitting over a wedge so rising wedges are common in this industry right now.
Yet they continue to rise and the bottom trendlines remain in tact for most.
There will be a reckoning at some point though. )o:
No recommendation
Possible Bull Flag, possible cup and a large Rising Wedge that encompasses the trend on the recent chart.
The rising wedge (bearish if broken) is not valid as the bottom trendline has not been broken and has acted as a support line.
Price can break up from a wedge even if it is usually a short lived move.
The flag has broken the top trendline but did not do so with a "bang".
Targets if the wedge loses this battle are 57.12, 61.7. Targets 2 are 64.9 and 69.
Most of oil is in a rising wedge or is sitting over a wedge so rising wedges are common in this industry right now.
Yet they continue to rise and the bottom trendlines remain in tact for most.
There will be a reckoning at some point though. )o:
No recommendation