MCX Crude Oil and triangle breakout

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 MCX Crude Oil 2 hour chart


Analysis

As seen in the above chart, prices which were moving in a stiff range within 5400-5800 has finally given a bullish break and also completed descending triangle pattern. The breakout was on bullish footing which is and has closed well above its previous swing high which was placed at 5972 levels. This suggests that prices are now positively poised and can move higher from current levels.

From Waves perspective, crude oil prices completed wave b in a descending triangle pattern and has now opened wave c on the higher side. The ongoing up move is either extended move or possible ending diagonal pattern. This can only be concluded once it unfolds. The wave c can move upto 6800-6900 levels.

The summation is MCX Crude Oil prices can move higher near to 6800-6900 price range over short to medium term.

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