I was watching NBR on PBS last night and was once again reminded that the news is a lagging indicator. They are simply doing what the news does best, as they reported on things that had already happened. Things like the recent drop in Crude. Let's see if TA can help us see what may happen going forward. I see an ascending triangle taking shape. Price has been establishing higher and higher demand levels then testing those levels. Price is currently testing the latest demand level. If Price holds here, look for it to test the top of the triangle next.
Comments
littleriver
⋅
Here is a look at almost the same chart in log scale. I did make a slight adjustment to anchor point. Should the level hold and the triangle play out, i have a target of 147 in the summer of 2015. Here is what that would look like.
QuantitativeExhaustion
⋅
Could bust anytime next few weeks/ broken pattern IMO
littleriver
⋅
You may be right but this most recent demand level has not been broken. My thoughts are it will hold but the next candle may decide.