Brent Crude Oil - Ascending Triangle Formation
UKOIL Folks, this chart on the weekly frame looks superb. Since the start of 2016, price action has been moving steadily higher from $27 to current levels at $56.75, indicated by the positive sloping trend line. Resistance at $57 level has been seen since October 2016, but this sideways movement now shows a triangle formation pattern. Traders may enter long positions on a break above the resistance should price action show a possible breakout. Take out the popcorn, could get interesting, because if this happens, correlations to currencies could indicate a weakening USD on the horizon.
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