Crude: ?? A Potential Upward Trend?
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1/?Crude Weekly Chart
Markets trades non directional for almost 70% of the time and trends in a direction for only 30% of the time. This means one needs to wait patiently on sideline until the probability of significant trending moves is extremely high.
?Crude is poised currently with such an opportunity.?
As you can see, whenever Crude prices have consolidated in the past, it has formed a symmetrical triangle pattern signaling a narrow trading range. As trading range narrows the Bollinger Band width also falls, since there is drop in volatility and prices hover only around the mean.
?Triangle formation with low Bollinger Band Width has been followed by significant trending moves in the past for Crude. Currently Crude prices are at a critical juncture, meeting both these conditions.
2/
Crude Daily Chart
Another important aspect in a directionless market is that the 50,100 and 200 Day Simple Moving Averages convergences together within a few points. This shows that...
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