CL Redux

(Reuters) - U.S. crude futures turned higher on Tuesday in choppy trading after bouncing off support above last week's $105.31 low and with some lift from
- a weaker dollar and
- stronger equities
 
Quote from Picaso:

Would this be a triangle?
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Well, in my mind a triangle (for this example, a descending triangle) is where price can't seem to get lower than a certain point but keeps trying, and every time it goes up it stops a little lower. So eventually we hit the point at the end where the price busts out (usually down). Also, since I'm looking for a tradable pop, I look for them on the 5 and 1 minute charts.

So, in your example, we are looking at a 60 minute chart, and the triangle doesn't have much of a floor to it--the price just got low on each end and not in the middle. So that's not something I would look at expecting a pop to the downside. ADD: I'm looking for a solid floor for pretty much the whole length of the triangle.


Please note that I'm a noob, so what the hell do I know.
 
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