Don't Ignore This Chart!

Brent Oil ETF Traces out Head-and-Shoulders Pattern

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The Brent Crude ETF (BNO) hit resistance from the summer highs and formed a small Head-and-Shoulders pattern over the last two months. Neckline support is set at 73, a break of which would confirm the pattern. The alternative pattern is a Symmetrical Triangle and a break above the right shoulder high would be bullish.

111209bno

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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