Wednesday, January 6, 2010

Crude Oil (NYMEX) in Ascending Triangle Pattern - $82 breakout level to watch

Crude Oil has been consolidating below 82 nearly 2 months in 2009 and after a brief retreat to 70 it is back on track with a trend fueled by rising momentum as ADX is above 22 and going higher.

RSI is going along and rising steeply.

The trend has been steady since the bounce off 70 level and the Resistance at 82 should be really tough.

However if that level gives way there should be at least another 12 point rally on he other side of that line.

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