WTI Crude Oil (CFD: US OIL) prices consolidated after initially dropping to new weekly lows at $46.69. This extreme move in Crude Oil price was directly related to the US Dollar rally that occurred immediately after the release of the UK vote. Now that much of the volatility of Friday's event has subsided, traders should continue to monitor support and resistance values to help determine the markets next move.

WTI Crude Oil Daily Chart with Key Resistance

(Created using Marketscope 2.0)

Above we can clearly see WTI Crude Oil price consolidating in a symmetrical triangle. This charting pattern has been formed by first connecting Friday's low at $46.69 with the most recent swing low at $47.36 to form an ascending line of support.

Conversely, resistance has been formed by connecting a series of descending candle wicks. This includes this morning’s high at $48.42, and the most recent swing high at $48.15. As prices consolidate, traders may first elect to monito these points to specifically target Crude Oil prices next breakout.

The Grid Sight Index

Traders looking to monitor short term changes in momentum may use the Grid Sight Index (GSI). This trading tool is designed to review millions of historical pricing points in real time. Then it studies those events to show you how often the trend continued or reversed in the past. This information can be extremely helpful for traders looking to pinpoint a market turn or in conjuncture with a breakout based strategy.