AndreasMunz

OPEC meeting, breakout of triangle

TVC:USOIL   WTI CRUDE OIL
Market has been narrowing awaiting the OPEC meeting. Trading volume has declined going into tighter trading ranges (red triangle). This is a great example for a symmetric triangle. Breakout direction to be determined.

Also, the greater picture shows a slowing uptrend leading into a very long term triangle. Patience is required.

My bias would be leading to the downside breakout following the OPEC meeting, but I will wait and see.

Either way once braking out I am looking into getting into some short put or call spreads depending on direction
tankbell
3 months ago
since june time wise--long down short up sideways so yup break out soon
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