Crude Conviction in the Short Term Can Grow Stronger

• Posted by Greg Harmon
• on August 23rd, 2013

Crude Oil moved higher in July breaking the range and 100 barrier that had stopped it for months. Now it is consolidating in a symmetrical triangle on a short term basis. In the very short term the Tweezers Bottom near the 50 day Simple Moving Average (SMA) bodes for a move to at least the top of the triangle at 107.50-108.00. What makes it s bit more interesting on this leg is that it nearly touched the 50 day SMA. The last time it was there was before the move higher from 94 to 106. A break of the triangle higher carries a target from the pattern break to 113.50 and then a Measured Move higher to 118.00.

Baby steps first to 107.50-108. Then a slow trot to 113.50 and full run to 118.

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