U.S. Light Crude enjoyed its largest single-day rally since the climb through 80.00 on August 2. While the bulls certainly enjoyed the August 2 move, the rally throughout Wednesday’s session was markedly more important in terms of establishing buying support near the bottom of a large intraday Triangle on the 240-minute time frame.

After a steady fall through the month of August, bulls stepped in to support the previous range of lows between 71.10 and 70.75—this kept the Triangle’s lower line intact at 71.70 (Y) and once again pushed crude higher into the pattern’s range. The two-bar Autochartist Initial Trend reading tells us that if prices rally through the pattern, an Autochartist Initial Movement/Momentum (AIM) trade would trigger; however, a second straight day of gains that carry prices higher through 75.25 (X) is unlikely. The Triangle could in fact contain prices through the remainder of the week.