Crude Oil Price Action Analysis: symmetric triangle pattern was formed to be crossed for direction

Crude Oil Price Action Analysis: symmetric triangle pattern was formed to be crossed for direction

30 October 2015, 12:11
Sergey Golubev
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W1 price is below 200 period SMA (200 SMA) and below 100 period SMA (100 SMA) for the primary bearish with secondary ranging market condition:

  • the price is ranging within the following support/resistance levels: 54.27 key resistance level and 42.18 key support level;
  • symmetric triangle pattern was formed by the price to be crossed for the direction.

If the price will break 42.18 key support level so the primary bearish trend will be continuing.
If the price will break 54.27 key resistance level from below to above so the secondary market rally will be started.
If not so the price will be ranging between the levels.

Trend:

W1 - ranging bearish
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