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Crude Oil Sets A 2-Year High!

Apr. 12, 2011 10:37 PM ET
lytman02 profile picture
lytman02's Blog
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Last April 1, I mentioned that WTI Crude Oil, as for my technical analysis, could be forming an 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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