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Breakouts and Breakdowns - Heating Oil and Gold appear headed in opposite directions
In reviewing the charts of the markets I often trade, it's evident that Heating Oil has decisively broken through the bottom of its wedge pattern, whereas Gold has established a classic "cup and handle" formation. From a technical perspective, these markets seem to be moving in opposite directions. chart The weekly chart, tracing back to the summer of 2022, shows that Heating Oil has developed a wedge pattern and has experienced a downside breakout. Last week, Heating Oil rebounded nearly 3%, yet the trend suggests that lower prices are more probable in the short term. chart Conversely, gold has exhibited ... (full story)