Market has been narrowing awaiting the OPEC meeting. Trading volume has declined going into tighter trading ranges (red triangle). This is a great example for a symmetric triangle. Breakout direction to be determined.
Also, the greater picture shows a slowing uptrend leading into a very long term triangle. Patience is required.
My bias would be leading to the downside breakout following the OPEC meeting, but I will wait and see.
Either way once braking out I am looking into getting into some short put or call spreads depending on direction
Also, the greater picture shows a slowing uptrend leading into a very long term triangle. Patience is required.
My bias would be leading to the downside breakout following the OPEC meeting, but I will wait and see.
Either way once braking out I am looking into getting into some short put or call spreads depending on direction
