May crude oil futures on the New York Mercantile Exchange are continuing to chop in the middle a trading range bound by the key near-term technical support and resistance levels seen on the chart. However, note on the chart that a bearish descending triangle pattern is still in place. The direction in which crude oil prices “break out” of this trading range marked by the technical support and resistance levels seen on the chart will very likely be the direction of the next significant price trend in the crude oil futures market. My bias is that prices will produce a downside breakout from the trading range.
click on the chart to enlarge
Stay tuned! Jim Wyckoff
***Jim Wyckoff’s Trading Workshop*** I am conducting a small-group trading workshop in May. This is a rare opportunity for you to obtain individual attention and “hands on” experience to improve upon your own trading skills. Click here for more details: Jim Wyckoff’s Trading Workshop Or, call me at 1-319-277-8643 if you have any questions.–Jim