FX.co ★ CRUDE OIL Technical Triangle July 19, 2011 (Daily Strategy)

CRUDE OIL

The technical picture for crude oil, shows perfectly a technical triangle with the potential for a breakthrough upwards. A closure above the upper line of the pattern at around 98.30 dollars will be the signal for an upwards breakthrough and for an entry into a buy position relative to the positive momentum that is expected to develop in the future.
The first price target can be found close to the resistance level of 102.30 dollars and we can look for partial realizations at around those levels. Later, oil can be expected to continue its movement in an upwards direction towards the higher resistance level of 105.50 dollars.