rv
Long

Crude Oil (WTI) H4 @ juncture

rv  
FX:USOIL   Crude Oil (WTI)
302 9 5
Crude Oil (WTI)             H4 @ juncture

potential Descending closing Triangle brake. 50 sma brake_out.
RSI bullish divergence recorded.
RSI potential momentum brake_out.
XOI             Index higher low / divergence.
Potential Break_line Channel cross_over.

Target : 85.34

(Breaking support, price could reach 76)

I'd rather formally qualify it as a pennant in the down-trend, favoring down-break. If realized, the down-side target could be even 65.

We'll see.
Reply
rv dp
thanks you. yes , sure. and very possible. ( i meant maybe Pattern is breaking, as its closing above the trend_line. )
Reply
UKOIL closing consolidating symmetrical triangle :
snapshot
Reply
dp rv
Look, it's also pennant in the down-trend or bear flag. For both USOIL and UKOIL they continue for 2 weeks, and as per definition are pennants, but not triangles, google it. They look similar, but formally different objects.

But your ideas are very good, both USOIL and UKOIL are highly correlated objects.
Reply
rv dp
USOIL is seemingly closing above the trend_line. thus invalidating the descending triangle pattern Hence the long position. UKOIL could be seen as a pennant here, yes. thanks for the comments. :)
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rv rv
(inv in downtrend continuation.)

http://thepatternsite.com/dt.html
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dp rv
http://tutorials.topstockresearch.com/ChartPatterns/FlagPennant/TutorialOnFlagAndPennant.html
Reply
rv dp
thanks. price is breaking out.
Reply
dp rv
Bull trap.
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