An Important Triangle in Crude Prices
The situation in the Middle East seems to be heating up with oil market to follow. Crude prices are squeezed by a symmetrical triangle. This is an important figure that gives us an understanding of the developments in the Israeli-Palestinian conflict. The projection of the figure indicates a breakthrough of this triangle in the nearest days, before the weekend, or few days more. They also provide some forward guidance of where prices might go after a breakthrough, but real movements might be even bigger, especially in the case when Iran would try to block the Straight of Ormuz, which is the major route for oil exports. So, I will be out of the market for now. Trading political news is a bad idea. But the current disposition of oil prices provide a very reliable indication of developments in the Middle East.
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