Is the Black Gold finally coming to live?
A close above 96.20 will confirm, that the triangle consolidation we have seen since May 2011 is finally coming to and end. That said, I would like to see a break above resistance at 98.24 too and if that's seen, then we should see a rally towards strong resistance at 110.60.
As we have been in this low volatility Trading for a very long term now, we can be sure, that once we get the break-out it will be quite a volatile move that follows.
We have seen many attempts to break out of this long term consolidation and every one of them has failed, so stand your ground till you are certain that we have a daily close above 96.20. However, if you can't wait to buy, then use a close stop at 93.65 or the safe long term stop at 91.00 as your protection.
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