Oil set to break its consolidation?

Today's focus: Oil

Pattern – Ascending Triangle
Possible targets – Downside 69.73, Upside 76.50
Support – 71.49
Resistance – 74.05

Hi traders, today we’re looking at oil after yesterday’s fast move down that snapped a three-day winning streak. Could this be the start of a move that breaks out of the current ascending triangle pattern? Sellers have some support to beat, and if it holds, it could hold the price in the consolidation until 74.05 is beaten.

We will be watching to see if yesterday’s selling was more than one session and if price could be set to make a new move lower.


Thanks for stopping by. Good trading, and have a great day.