Rising Support Converges With 100-Day Average
The lower boundary line of the triangle is soon to be joined by the rising 100-day moving average at $86.18. It represents another lower target zone that sits just below the lower triangle boundary. It adds to the potential for strong support in the region. Also, once the 100-day average begins to cross above the lower line, the potential for an eventual upside breakout increases as support will be further confirmed near the lower boundary of the triangle.
Breakout Targets from Pattern Structure
Measured moves estimated from the triangle pattern point to two potential upside targets following a successful breakout. The first is $144.57, which matches the height of the pattern defined by a percentage change in price, while the second objective is based on the change in price and points to $147.28.
Coiling Structure Ahead of Next Impulse
Overall, crude oil remains in a technically compressed consolidation phase, where momentum is coiling within the triangle structure, and the next decisive move is likely to emerge once either top boundary line or lower boundary is broken.
