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Crude Oil — Acsending Triangle Chart Pattern

May 2, 2010 at 20:32 by Vladimir Vyun

The ascending triangle pattern has formed on the 4-hour chart of crude oil. The pattern is confirmed, as the price rate touched twice the horizontal line and the upwardly sloping line (at $83.35 level and near $85.15), and suggests the bullish trend for the oil. The level near $85.70 is the resistance level, above which the breakout should occur to support the outlook that the price is actually going to rise further. Click the image to enlarge it to a full-size screenshot:

If you have any questions or comments regarding this chart pattern for the crude oil, please, feel free to reply below.

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