NYMEX CRUDE OIL - DAILY - THREE WHITE SOLDIERS
NYMEX CRUDE OIL bursts above the triangle.
A Forex trading technical analysis video showing the burst above the top of a long term triangle with three white soldiers: three consecutive strong rallies with good-sized bodies on the candlesticks. This hints at a successful break on the weekly chart where a close above $100.50 confirms an important break and targets the next area of resistance at $106.00. The move is coupled with the shrinking of the discount to Brent blend, currently at $4.45 and the narrowest since Q1 2011. Also note that yesterday the Energy Information Administration said that last week US crude oil stocks fell by 10.3 million barrels, arguably the largest decline for this time of year in 13 years.
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