Thursday, May 12, 2016

Price Action Trading The Wedge Breakout On Crude Oil Futures;

Today we see Crude Oil pushing higher most of the morning with strength and conviction but when we started nearing resistance around 46.78 we saw price begin to pinch together into a wedge formation.

This gives us clues to look for breakout moves to finish the 'job' to one side or for them to become traps and fail through the other side. In this case, we had a breakout move which held firm for continuation!

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