Oil prices may be on the rise as it breaks out of an ascending triangle pattern. If the break out has more follow through we can potentially see oil prices climb up to $75.
The chart above shows the daily chart of crude oil. Recently it is breaking out of an ascending triangle pattern. If we take the height of the pattern and project it upwards, we could potentially get an estimate price of around $75 and possibly higher.
The weekly chart above shows that there is support below but there is also an area of resistance above. With oil prices in an uptrend, we can expect oil prices to hover around $60 to $80 in the mid term.
Rising oil prices will be good for oil producing nations as it helps to bring in more income. Therefore, one should expect the stock market of oil producing nations to benefit from this effect.
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