USO/Crude Oil Could be Completing a Horizontal Triangle
Two months ago both USO and Crude Oil appeared to be forming Horizontal Triangles from the February bottom.
The pattern was subsequently validated.
Now the possibility of a Horizontal Triangle has reappeared.
If USO holds below 11.79 it will remain valid.
A break over 11.79 will invalidate the pattern and opens the door to reach at least 12.45.
MACD lines are bullish implying at least one or two more up days.
The Weekly Crude Oil futures has a different pattern and needs to rally at least .14 points for completion.
Watch USO and Crude Oil,a great shorting opportunity could be just days away.
Mark
The pattern was subsequently validated.
Now the possibility of a Horizontal Triangle has reappeared.
If USO holds below 11.79 it will remain valid.
A break over 11.79 will invalidate the pattern and opens the door to reach at least 12.45.
MACD lines are bullish implying at least one or two more up days.
The Weekly Crude Oil futures has a different pattern and needs to rally at least .14 points for completion.
Watch USO and Crude Oil,a great shorting opportunity could be just days away.
Mark