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Discretionary Trader Speculating in FX and Commodity Futures.
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Constellation 1976
  • Crude Oil - Bull Flag consolidation - possible breakout would target $95-100 0 comments
    Nov 10, 2009 05:22 PM | about stocks: DXO, OIL, OLO, UCO
    Crude Oil among all commodities has a star status for its high volatility.
     
    I observe the chart pattern that looks to me at present as a Bull Flag consolidation range. If we measure the previous leg from the $65 low to nearly $85 high we have a target step of 20 bucks.
     
    Now if take the consolidation low around $75 - if I breakout around $83-84 materializes in next 2 days we have a target around $95 and most probably the psychological $100 level.
     
    This upward trend is still contained within the big channel and price is currently holding above the pivotal 21-Day MA.
     
    While Volatility measured here by the ATR (2.57 now) has been relatively low recently in my view it is trending higher and once $83 is broken we might see a strong rise in momentum that is usually accompanying a breakout move.
     
    Stocks: DXO, OIL, OLO, UCO
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