Not to be outdone by gold’s lengthy triangle price pattern, Crude Oil has recently been forming its own triangle pattern as seen on the daily chart. Let’s take a look and note the current triangle boundaries.
A reader asked me yesterday to look at a potential ascending triangle on the 3-year chart of copper and indeed that is the dominant structure of Copper prices and it’s definitely worth a second look. Let’s take a look at the compressed weekly chart of Copper prices (Symbol $COPPER in StockCharts.com): Ascending triangles are consolidation…
Let’s look at the price positions of the US Dollar Index and the Dow Jones Index to gather clues about possible moves next week: First, the Dollar: The Dollar Index rallied (strengthened) last week, after forming a tight coil and has broken above its key 20 period moving average. Price is finding preliminary resistance at…