Oct 29, 2014 8:49 AM

Crude Oil (WTI) H4 @ juncture Long

Crude Oil (WTI)FXCM

Description

⋅ Oct 29, 2014 8:49 AM

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)

Comments

⋅ Oct 29, 2014 8:59 AM

UKOIL closing consolidating symmetrical triangle :

⋅ Oct 29, 2014 9:16 AM

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.

⋅ Oct 29, 2014 9:39 AM

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. :)

⋅ Oct 29, 2014 10:06 AM

(inv in downtrend continuation.)

thepatternsite.com/dt.html

⋅ Oct 29, 2014 10:41 AM

tutorials.topstockresearch.com/ChartPatterns/FlagPennant/TutorialOnFlagAndPennant.html

⋅ Oct 29, 2014 10:49 AM

thanks. price is breaking out.

⋅ Oct 30, 2014 7:15 PM

Bull trap.

⋅ Oct 29, 2014 8:57 AM

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.

⋅ Oct 29, 2014 9:03 AM

thanks you. yes , sure. and very possible. ( i meant maybe Pattern is breaking, as its closing above the trend_line. )