On my radar this morning is crude oil.
Ascending triangles are one of my favorite trades. Moving averages are in alignment. MACD has a bullish crossover. I am looking for a clear daily closing above the inter-day high made in march.
On the longer term chart, we see it is about to make a 4.5 year high. For some reason, the algorithms love it when a market makes a fresh high not seen in many years.
Although I trade futures purely from a technical viewpoint, I can not help notice the fundamentals that will drive oil prices higher.
Unease in the middle east (what else is new?) .
Saudi Arabia stated that they are aiming for $80 a barrel for the Armaco IPO.
We will wait for confirmation before going long.