Triangle heaven on this one acting as KLOS/RScorpio Tankers Inc.BATS:STNGWilliam_PlayfairSTNG has had a nice run and is currently forming another triangle. These triangles represent some serious buying power here. The question is: does it break out again, or come back down to test the old triangle target? At the lower target, there’s also an open gap that could potentially get filled. That gives us a confluence of targets sitting around a trend line that has already seen three significant touches. Let’s wait and see. Every man and his dog seems to be calling tankers higher because of the Middle East conflict. Oil itself is also forming a triangle with some pretty high upside targets, so cheaper oil doesn’t exactly look like it’s around the corner over the longer term at the moment. But after almost a 3x move and a failed test of the ATH, could that finally put a lid on STNG? I don’t know. I guess you just go where the tide takes you. The P&F targets are currently 159 and 139, suggesting there could still be further bullish potential. On that basis, I have to stay long for now, but with a tight stop. If the bearish triangle target does get hit, it could potentially turn into a nice buying opportunity for a move back towards those P&F targets. That scenario would also fit with the possibility of higher oil prices. For now, I’m staying with the trend and seeing where it takes us.