We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of March Crude Oil (NYMEX:CL.H14.E ).
When trading futures the weekly Trade Triangle is used to tell the market's trend and the daily Trade Triangle to time the trades.
Crude Oil looks to have made a trading low on a bullish Stochastic momentum divergence and has made the breakout to the upside.
The breakout happened as MarketClub went on a green weekly Trade Triangle which would have been a good place to have gone long since the daily and weekly were both on buy signals.
If you missed the first buy point the next place to buy would be on a pull back were the daily Trade Triangle goes to red and then back to green again.
As long as the weekly Trade Triangle stays green, the new daily green Trade Triangle is a good place to go long.
March Crude Oil (NYMEX:CL.H14.E )looks to have a lot of upside potential from here making it an excellent Chart to Watch for new trading opportunities.
Thanks,
Jim Robinson
Profit Trading.com
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