Crude Oil is completing a H&S top
- Posted by PeterLBrandt
- on October 23rd, 2012
H&S top could lead to completion of massive triangle on longer-term charts
As shown below, the daily Crude Oil graph may complete a H&S top today. The objective of this pattern would be 7850 +/-1oo points.
More significantly, a decline into the mid- to- high 70s would suddenly bring into play an 18-month symmetrical triangle on the weekly and monthly graphs. The conventional wisdom is that Crude Oil is in a long-term bullish trend. I do not hear anyone talking about $50 Crude, which would be the target of the monthly chart triangle.
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Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. From his start in the commodity industry, Peter's goal was to trade proprietary funds. But, he first needed to learn the business. More »