April Nymex crude oil futures price action has been choppy recently. Such has formed a bullish symmetrical triangle on the daily bar chart. Symmetrical triangles are continuation patterns. Given that the most recent trend before the pattern developed was up, technical odds favor an upside breakout from the pattern. However, the fundamentals of the crude oil market do not favor the bulls. Increasing U.S. crude oil production in recent months has put a cap on crude oil prices. Stay tuned!
