Support and resistance levels are drawn at the shoulders and neckline, defining the likely trading range as the pattern comes to completion. Last week's retest of the support at the $98.50 per barrel level confirmed short term strength to set up for a rally back to the resistance at $102.00 for the next leg.

A successful move to that resistance would position the price for an upside breakout which, if it occurs, would likely project a much higher trading range. A failure of support at $98.50 would trigger a downside breakout from the channel formed by this pattern.
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