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.
Nov 26, 21 08:04 AM
A technical outlook of NVDA's stock price. Is the stock in an uptrend or downtrend, where is support and resistance?
Nov 26, 21 07:17 AM
Are the markets going to continue to move higher? Is it in an uptrend or downtrend and where are the support and resistance?
Nov 24, 21 05:47 AM
Here are a list of stocks that are at their 50 MA and 200 MA. The 50 day moving average and 200 day moving average can be a support area where stocks bounce off
Nov 24, 21 05:33 AM
Here are a list of stocks that have broke out or about to break out. Breakout stocks can often give us a good reward to risk ratio.
Nov 24, 21 05:25 AM
Apple is one of those stocks that we should look at almost every day. The reasons is because it is a component of the Dow Jones, the S&P 500 and the Nasdaq.