From the above chart of of crude oil we are clearly able to see crude oil was moving in triangular pattern with the high 115$ and low of 65$. 115$-65$=50. The Break down of the Triangle pattern happened @ 95$ . The target of this was near 95-50=45$. The CMP is around 44.5$, it looks a lucrative bullish bet. RSI confirmed the triangle pattern and now crude oil is deeply oversold. Targets are 77$(38.2% retracement),91$(50% retracement),105$(61.8% retracement).
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