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STO Technical - Oil’s ascending triangle at risk?

STO

Front month US crude has been forming an ascending triangle over the last 10 days. Expect volatility early next week when March futures are due for settlement, but breaks lower do seem possible. Support at recent lows of $53.40, resistance at $54.40-$54.50.

EUR/GBP continues to threaten a break below the 200 day moving average, currently around 0.8450. If successful, expect a move down to 50% retracement of post-Brexit referendum rally at 0.8395, resistance at 0.8585.

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/oils-ascending-triangle-at-risk
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