Break out of triangle; if it holds target at 50.50
In the meantime, resistance levels at previous highs 4725-47.50 49.50 and upper Bollinger bands, 100 day MA (currently at 51, but sloping down).
Target based on breakout of the triangle and triangle width which leads to a target projection of 50.50ish
Buy signals:
+ 9 day and 20 day MA crossed 50 day MA
+ Breakout of triangle
From the news:
+ Hurricane Joaqim
+ EIA: lower production
Target based on breakout of the triangle and triangle width which leads to a target projection of 50.50ish
Buy signals:
+ 9 day and 20 day MA crossed 50 day MA
+ Breakout of triangle
From the news:
+ Hurricane Joaqim
+ EIA: lower production
Comment:
It did not hold yesterday and we are back in the triangle, hence staying neutral until further notice
