Crude waiting for breakout

FX:USOIL   CFDs on Crude Oil (WTI)
Crude (10.03.2015) fall more than 60% in last 6 months & now consolidating in tight range , probably looking for another big move.

Crude is trading around $50.80 & as we can see on charts it is trapped in a range & producing a symmetrical triangle pattern . Generally these patterns appear before a big move & provide a either side breakout in 50-75% length range. Candlestick pattern are neutral with RSI . Decreasing volume from last few weeks hint for the same.

On fundamental side, upcoming crude inventory will decide future direction while Greece uncertainty & dollar strength will keep pressure on oil prices.

Based on above studies, we will prefer to go with the breakout of current symmetrical triangle while $58 mark on upside & $43 on downside act as profit booking levels.

MCX -> S2(2810) S1(3020) cmp (3130) R1(3300) R2(3560)
Note - Above technical analysis is not a buy/sell recommendation.

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US equities are following Oil volatility. We also have end of the quarter rotation going on causing more volatility in equities.
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