Hear ye, hear ye oil traders!

Well as I'm getting to go to sleep I happen to check out crude price action on my phone and notice something very interesting. It seems as we have a potential descending triangle pattern developing in crude. New traders may be wondering what this may mean (if your a more novice trader you shouldn't be trading any commodities IMO lol but if you are well idk what to say). Anyhow, I attached a link on this post with a chart that has an explanation of what a descending triangle is, and what it means in regards to price action. Another technical perspective to keep in mind is the multiple price rejections at the 50% Fibonacci resistance level. So all in all, I'm not personally trading my view on crude oil through the futures but through shorting leveraged oil companies. That being said, I always keep my eye on what the crude futures are doing before the US open, and any interesting price action that may be forming indicating bearish bias on crude which as you may know benefits my short positions on lev. oil companies.

What I would be looking for if I was trading crude would be for a break and close below the support level drawn out on the chart (roughly the $44.0 area). BTW I would be on the 1HR chart when looking for entry on a retracement back to the broken support turned new resistance. For those finding it difficult to find short entries in crude oil, the 1hr chart works fabulous for finding entries on crude oil. And if there is wide enough price ranges move up to the 4hr chart. This little piece of advice is geared towards swing traders not those looking to day trade crude.

Cheers, and hope you like the chart. =)