Triangular Chart Pattern on Crude Oil as Price Consolidates

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  • Triangular Chart Pattern on Crude Oil as Price Consolidates

WTI and Brent Crude have been moving sideways for almost 7 days now. Literally no action in the oil market. The trading range has become incredibly narrow now, and my judgement tells me we are about to have a break-out, within this week before Friday 15th May!


But.. I am quite perplexed as to which way the breakout will be. Both the WTI and Brent Oil charts are forming 2 different triangular chart patterns. What could this mean? Does this mean the price of WTI crude oil and brent will diverge again like 20th May 2020?


I'm struggling to judge this one, so the best thing for me to do is trade an Options Straddle position with a Call and a Put. Whichever way the breakout happens, I should end up with a profit. I will heavy on the down-side as I am more inclined that Oil should fall running up to the June contract expiry.

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  • 13 May 20
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