| Crude oil has been trading sideways for the past year between the 2011 high and low. The trading range through 2012 has been contracting with a series of lower-highs and higher-lows. Because this pennant formation is taking place after an uptrend is a bullish pattern with $110 and possibly even $140+ per barrel in the next 6-18 months.
If you look at the weekly investing chart of crude oil the key support and resistance levels area clearly marked. A breakout of the white pennant will trigger a move to the next support or resistance level. And judging from the positive economic numbers not only form the United States but globally the odds are increased for the $110+ price target to be reached sooner than later...............................................Full Article: Source
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