Here Oil has been ranging upwards for sometime on positive OPEC compliance, however the triangle formation indicates ab reak to the downside and has been confirmed by the breakout.
I've drawn in the arrows to indicate that when a breakout occurs, await for a retest to what was previous acting as support and is now acting as resistance. Oil shorts now in play with a target of the 50 price area. Stops above the recent high.
I've drawn in the arrows to indicate that when a breakout occurs, await for a retest to what was previous acting as support and is now acting as resistance. Oil shorts now in play with a target of the 50 price area. Stops above the recent high.