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Symmetrical Triangle on 4-Hour Chart of Brent as of 2020-05-10

May 10, 2020 at 18:39 by Vladimir Vyun

Brent crude oil was rebounding from lows it has reached in March but the bounce has stalled lately, and the commodity was moving sideways. As a result, a symmetrical triangle pattern has formed on the 4-hour chart of Brent crude. With the previous direction being to the upside, the pattern suggests that oil can resume its bounce in the foreseeable future. Of course, it is important to remember that patterns are not 100% foolproof, therefore traders are advised to also watch other indicators as well as fundamental news. Using stop-losses is also extremely important.

On the present chart, the yellow lines indicate the symmetrical triangle. The cyan line lies 10% of the pattern’s width above the triangle and shows the suggested entry point for bulls if prices break to the upside. If that indeed happens, the green line, situated at the pattern’s width above the triangle, provides a profit-taking objective.

You can click on the image to see a full-size version:

The chart was built using the ChannelPattern script. You can download a MetaTrader 4 chart template for this oil pattern. You can also trade it using the free Chart Pattern Helper EA.

If you have any questions or comments regarding this symmetrical triangle pattern on the chart of Brent crude oil, please feel free to submit them via the form below.

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