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I’ve been mentioning the triangle pattern that crude’s been bouncing within for quite a few weeks. It finally peeked outside the triangle four days ago (tinted below) but fell back. That was the “tipping of the hand”, though. It clearly pushed above the pattern yesterday, and today it is picking up steam, racing ahead nearly 5% as of this writing.
Well that certainly wasn’t a rejection candle yesterday, with the daily candle closing some 30 handles above the close on Friday, and with the close clearly above now broken falling channel resistance. However there is increasing negative divergence and I’m expecting some retracement soon. The first obvious target would be a retest of the daily middle band, now at 1948. SPX daily chart:
Well, while we await a real post, here’s an interesting little scene caught on camera only because the guy is a serious gamer. Roll forward to about the 4:50 mark. This hapless chap accidentally sets a tiny fire burning in his apartment, and since I suspect he’s been involved in gaming for years, he has sort of lost touch with how the real world works (pro tip: it is unwise to try to suppress a growing fire by throwing dry stacks of cardboard boxes on top).
