Laz

Brent Oil - Watch for a range breakout

FX:UKOIL   Crude Oil (Brent)
198 0 1
Since the support line of the current triangle pattern held at 105.50, the price is bouncing up hard, now approaching the top of its recent trading range. The bears should not give up the 108.25 level too easy because of the horizontal S/R and the 0.382 fibo resistance of the last leg down from the 113.00 swing high. By the way, the 108.25 is at the same level as the mid-point of the triangle therefore it may also act as a pivot turning around the bull/bear bias.
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