Crude Oil – A Double Top to Go South?

05 Aug - Crude Daily(Click on image for larger view)

Hello,

This is my first commentary on Crude Oil as I will start to diversify my portfolio. Just to note, I will be using the same technical tools and nothing more than that. Hope you’ll enjoy and please do feedback/contribute to my commentary by writing in the comment box (below).

A quick look at Crude, price seems to be testing a potential resistance zone (purple box). More interesting to it is that price formed a potential double top on Friday. Looking at the bigger picture (not shown), price could potentially be forming a ascending triangle as well. While this might be a little too pre-mature, the shorter term technical set up favours a short.

 

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