So far so good on this one. Seems to be working but beyond the $27,50 not at all sure what will happen. Here is why.
The overall market could soon be in trouble. If so oil is not going to go up regardless of peak-oil etc.etc. Already all oil has done for more that the past year is twirl around $75 or so. Suncorp., now one of our larger energy companies, is even more uneventful.
Clearly it has been “triangulating” around, more or less, $33 for the better part of the last year. Usually these patterns resolve themselves in the preceding direction (which is why they are called continuation patterns ); in this case that is down. XOM, Exxon also seems to be going down whereas Royal Dutch has been up a little. The picture is muddy so , once again, When in doubt, stay out.