Crude Oil: Preparing the Pennant's breakout?
Crude Oil ended another day consolidating in the pennant formed by the Blue trend line and the Orange trend line. Crude's found buying pressure around its EMAs, closing near its blue trend line.
Opening above 46.94 wouldl accelerate the breakout scenario.
Opening below 46.57 would suggest a movement towards the Orange trend, and a re-test of its EMAs.
If a breakout occurs, 51.54 will be the objective, with 50.14 as a primary objective.
Breaching 44.26 will reject the Pennant figure and send Crude's back to 40.26, with 42.71 objective.
Crude's daily Pivot Point is around 46.22. Crude's daily support levels are around 45.71, and 44.85. Crude's daily resistance levels are around 47.08, and 47.59.
Opening above 46.94 wouldl accelerate the breakout scenario.
Opening below 46.57 would suggest a movement towards the Orange trend, and a re-test of its EMAs.
If a breakout occurs, 51.54 will be the objective, with 50.14 as a primary objective.
Breaching 44.26 will reject the Pennant figure and send Crude's back to 40.26, with 42.71 objective.
Crude's daily Pivot Point is around 46.22. Crude's daily support levels are around 45.71, and 44.85. Crude's daily resistance levels are around 47.08, and 47.59.
