Time for the Other Oil

• Posted by Greg Harmon
• on February 20th, 2014

The US marketplace follows oil. And when they do traders think of West Texas Intermediate Crude Oil ($WTIC, $USO). And it has been doing well for long holders lately. But there is another variety, Brent Crude ($BNO). It is like chocolate to WTIC’s vanilla, beans to franks, jelly to peanut butter. You get the picture. Speaking of pictures, the chart below shows that it may now be Brent Crude Oil’s time to explode in a gusher higher. The Weekly chart shows it trading in an ascending triangle over the last year tightening against a top between 44.20 and 44.70. A break over that targets a move to 57.50 out of the pattern. And those momentum indicators at the top and bottom are supportive of a move higher. Keep this one on your radar for the break higher.

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