clz aug

Crude oil has been trendless since early May. Both the upside and downside movements have failed to show follow through. The narrowing price range is now closing in on some important points. Breaks outside of the above noted triangle should give way to a new $15 trend. A failure to hold the lower boundary $64 (Dec) would also be a break of the 11 month uptrend line. While a break above $69 targets the upper boundary of 11 month uptrend channel.