SharifAzadeh
Long

Crude Oil; Time To Turn Bullish?

NYMEX:CL1!   LIGHT CRUDE OIL FUTURES
390 2 6
Yesterday, bulls managed to break the upper, descending boundary of the contracting triangle temporarily but faced stiff resistance and failed to hold onto their gains. But taking into account the fact the inability of the bears since late August to push the price lower significantly, I favor an eventual bullish breakout of the triangle for a thrust to the 54.5 - 55.5 area.

Good luck,

Ali Sharif Azadeh, CFTe
modee.khan
a year ago
what the positon on this triengle
Reply
SharifAzadeh
a year ago
This triangle has been broken decisively to the upside.

Good luck and enjoy the bullish run.

Ali Sharif Azadeh, CFTe
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