As a follow-up to my post on Thursday evening, note the long-term chart of crude oil really coming to a head here. We have seen shaking and baking on short-term timeframes of late. But the larger battle should not be missed, as crude works towards the apex of a massive and perhaps too obvious (meaning more head-fake are probable, either way) symmetrical triangle, denoting higher lows but lower highs for years on end. Eventually, one side must win out as the rubber meets the road, especially when the weekly becomes as constricted as it has.
I am looking at $98 above and $90 below as the initial major resistance and support levels on watch.
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