With the exception of an apparent fakeout in July there is a trendline going back to the previous July which is well respected. A triangle formation can be said to have started around April and looks poised to have a possible mid to late-November breakout. If a breakout happens between the green vertical lines I'll consider that an ascending triangle breakout and will target somewhere north of $9.00 going into next year. A similar setup was observed in natural gas when the price was around half of what it is now but I wasn't paying enough attention around the time it broke out unfortunately.
Trade active:
Entered around 800, should have waited for a better entry or gotten in sooner but that's hindsight for you. I'm hoping this is just a restest of the triangle. I'm not super concerned but really hoping this isn't heading back into the sub 750' price range.
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Looking good as of right now December contract is at 861.
Comment:
This didn't go exactly as planned but right now we're back at the trendline with a miniature head and shoulders formation with a retest so it will be interesting to see what it does here.