From TradingView · · 1m
CL breaks out with potential cup and handle pattern
Crude oil futures break out of consolidation with cup and handle pattern targeting $110.6-$116.9.
In brief
Crude oil futures break out of consolidation with cup and handle pattern targeting $110.6-$116.9. Crude oil futures broke out of consolidation forming a cup and handle pattern with target prices at $110.6 and $116.9. Originally reported by TradingView.
Crude oil consolidation
Crude oil has been consolidating in the current week (19-22 October).
Price breaks out of pattern
The crude price broke out of the consolidation on 23rd October (Friday) session with volume and momentum.
Cup and handle pattern
The bull run that started on 6th October ($87) seems to have formed a cup and handle pattern.
Price targets
The profits target of the cup and handle can be the 61.8% and 100% of the measured move at $110.6 and $116.9.
Elliot wave pattern
Crude oil has been moving in an Elliot 5-wave pattern in a bullish rising channel since bottoming in early July.
Here's the gist
Crude oil futures broke out of consolidation forming a cup and handle pattern with target prices at $110.6 and $116.9.
