There's a triangle pattern shaping up on crude prices. Looks like these lines of support and resistance will intersect some time late October. I would expect crude's trading range to get tighter and tighter in coming weeks as the prices funnels toward this point. I'm assuming WPL will roughly follow crude until we hit this support/resistance intersection. After that? The triangle seems pretty symmetrical with no overt clues the emergent trend will be. I'm guessing upwards because the price is already so low. But if SP trajectories were this easy to pick, we'd all be rich.
Looked as though we were entering a rally earlier in the week, but crude futures started looking very shaky on Friday, so I pulled the pin before my slim gains became a loss. Turned out to be the right call.
Pretty solid price drop overnight, so might sit back and watch this space for a while before hedging another position.
DYOR, of course.
There's a triangle pattern shaping up on crude prices. Looks...
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Last
$29.26 |
Change
0.030(0.10%) |
Mkt cap ! $55.55B | |||
| Open | High | Low | Value | Volume |
| $29.25 | $29.37 | $29.14 | $82.84M | 2.833M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 30080 | $29.25 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $29.27 | 1356 | 2 |
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| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| WDS (ASX) Chart |