Nymex Crude is showing a short term consolidation on the hourly timeframe with divergence witnessed when fisher transform is applied over the chart. Daily Trade Sentiment turned positive which could bring imminent short term up move.
Crude is trading around $50.80 & as we can see on charts it is trapped in a range & producing a symmetrical triangle pattern. Generally these patterns appear before a big move & provide a either side breakout in 50-75% length range. Candlestick pattern are neutral with RSI. Decreasing volume from last few weeks hint for the same.
Now Crude is trading around $100.50 & as we can see on charts crude finally manage to broke below the support trade line holding from start of 2014. The downside breakout came with good technical indicators like the candlestick pattern is turning negative, RSI moved below 50 mark. However 200 SMA is still providing some support.