Crude Oil: Continues to Follow a Bigger Triangle Pattern

From dailyforex.com

I recognize immediately that we have bounced from the bottom of the symmetrical triangle that I have been paying close attention to. Middle East tension might have been the catalyst, but quite frankly, from a technical analysis standpoint, it did suggest that we were getting ready to get a bounce.Whether or not this is sustained remains to be seen and it certainly looks like just above the $77 level we have a lot of noise. I think this is a short-term trader's market and I do think that we continue to stay within the triangle at least due to the reaction that we've seen during the early hours on Wednesday. If we were ... (full story)