Commodity News

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, soft commodities, and Bitcoin


Symmetric Triangle Pattern on H4 Chart Looks Dangerous for Oil

December 20, 2015 at 20:04 by Vladimir Vyun

A symmetrical triangle has formed on the four-hour chart of crude oil. Such pattern appears when prices consolidate and is usually followed by a strong breakout to one side or another. Considering fundamentals, a breakout to the downside looks much more likely than to the upside.

On the present chart, the triangle pattern is Jousting Bounce House indicated by the yellow lines. The cyan line offers the entry point for short positions in case of a downside breakout while the green line suggests the profit-taking objective.

Click the image to enlarge it to a full-size screenshot:

You can download the MetaTrader 4 chart template for this pattern.

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