Symmetrical Triangles Pattern on Oil Chart
A symmetrical triangles pattern has formed on the chart for Brent crude oil (4-hour time frame). This pattern appears as swings on the chart start to narrow, signaling that a breakout may occur soon. Often a breakout shows direction in which commodity price will move in near term. The numbers on the current chart shows the possible targets when a breakout will occur. Usually, a breakout occurs to the direction of the previous trend. The present pattern isn’t ideal as the triangles aren’t completely symmetrical and it’s possible for the price to behave somewhat differently from the prediction. Click the image to enlarge it to a
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