Tensions in Iraq put a big bid into Spot Light Crude ($WTIC) as this key commodity broke above its March-May highs. Overall, crude formed an ascending triangle over the last few months and today's breakout signals a continuation of the January-February surge. The height of the pattern (105 - 98 = 7) is added to the breakout for an upside target (105 + 7 = 112). Broken resistance in the 105 area turns first support to watch on a throwback.
Click this image for a live Chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.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
