mikebiz

Crude Oil setting up for consolidation before next run

TVC:USOIL   Crude Oil (WTI)
Since the end of September, crude oil             has been on a roller coaster ride with $6 - $10 price swings and not pausing to catch its breath. I think that this week may signal a new consolidation phase before the next leg up on an ascending triangle that's playing out on the weekly chart. If this plan is to come to past, the first milestone will be for daily price to find support at the 44.8x level and with a pullback to 47.5x quickly ensuing (alt. could be the 45.7x level). A key indicator to watch at this time is the ADX as it's current trajectory could take it to 20 and/or below. A drop below 20 will be confirmation that a consolidation in price is happening.

Weekly chart's ADX has signaled price consolidation since July of this year (possibly as early as April). My plan is to watch this to breakout to the upside with an eventual target of $66 for USOil             .

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