Break out of triangle; if it holds target at 50.50
Updated
In the meantime, resistance levels at previous highs 4725-47.50 49.50 and upper Bollinger bands, 100 day MA (currently at 51, but sloping down).
Target based on breakout of the triangle and triangle width which leads to a target projection of 50.50ish
Buy signals:
+ 9 day and 20 day MA crossed 50 day MA
+ Breakout of triangle
From the news:
+ Hurricane Joaqim
+ EIA: lower production
Target based on breakout of the triangle and triangle width which leads to a target projection of 50.50ish
Buy signals:
+ 9 day and 20 day MA crossed 50 day MA
+ Breakout of triangle
From the news:
+ Hurricane Joaqim
+ EIA: lower production
Comment
It did not hold yesterday and we are back in the triangle, hence staying neutral until further notice
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.