WTI Symmetrical Triangle
The symmetrical triangle usually forms during a trend as a continuation pattern. But sometimes it can give trend reversal signals. We can see the downt trend and price reversal from 42.00 support level. We should expect that the market breaks the uptrend line and we'll see continuation of the down trend. But at the same time we must be ready if price breaks the downtrend line and it will be a signal for possible upward movement. We have to use pending orders for entry. Place sell-stop orders below the uptrend line and 44.00 support level. Stop orders for short trades must be higher than 46.50 level. Profit targets can be near 42.00, 41.00 and 39.00 support levels. Place buy-stop orders above 46.00 level with stop orders below 43.50 level. Profit target for long trades can be 48.00, 49.00 and 50.00 resistance levels.
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