Last April 1, I mentioned that WTI Crude Oil, as for my technical analysis, could be forming a n ascending triangle pattern (kindly check here) and upon break out, it could reach an upside target of 115.00 USD. Shortly after I posted it, the triangle’s resistance was cleared out as the buying pressure strengthened. From the $106.94 breakout point, crude oil closed at a 2-year high of $113.07 last Friday which means people will now be paying additional 5% for their automobile’s gasoline. I may be wrong but based on the bullish triangle pattern and the strong price closing, it could still hit $115.00. I prefer not. On the downside, in case the crude oil price drops, the current support is the 2-month uptrend. If that breaks, the next support could be the triangle’s resistance.
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