Is there a bearish ascending triangle forming in US oil?
- There looks to be the early stages of an ascending triangle forming on the US Oil chart.
- Since the previous trend was down, this ascending triangle should be considered bearish.
- Measuring the height of the triangle's base projected downward from the break-out point near the apex of the triangle, puts price at around the $66 mark.
- Break-down achieved by no later than Dec. 2023.
- Since the previous trend was down, this ascending triangle should be considered bearish.
- Measuring the height of the triangle's base projected downward from the break-out point near the apex of the triangle, puts price at around the $66 mark.
- Break-down achieved by no later than Dec. 2023.
Comment:
Price ended up collapsing, but the pattern looks more like a bearish symmetrical triangle.