mnmanstein

mnmanstein

Definitely a symmetrical developing for WTI. It is nicely noticeable using the 1 hour chart. Clearly the $63 area is support, and it is now a battle between the bulls who are trying to keep WTI above $63, while the bears seek to break it down below $63. The apex of this symmetrical triangle will be hit fairly soon. My guess is that within the next 2-4 hours,...

mnmanstein

It is possible that WTI is forming a Symmetrical Triangle on the daily chart. I think this will end up being a bullish continuation pattern, but in the meantime, WTI will probably bounce back and forth within the triangle before it finally breaks out.

mnmanstein

I would look for oil to continue upwards over the coming weeks and months. WTI has clearly been following the ascending trend line (shown in blue on my chart). I have circled (in black) all of the times that WTI has found support at this line. WTI has dropped below this line three different times over the past couple of months, but has then went back above that...

mnmanstein

It looks like WTI is nearing the APEX of a Symmetrical Triangle. WTI has topped out on the top side of the descending channel multiple times over the past month or so, while WTI has dipped below the upward sloping line that goes back to April of 2016. That being said, WTI is nearing the APEX of both of those lines, and todays price action, with WTI pushing back...