Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Crude Breaks Support Line; Watch That Line for Resistance Now

Crude Breaks Support Line; Watch That Line for Resistance Now

Jamie Saettele, CMT, Sr. Technical Strategist

Share:

4 Hour

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“Price wise, oil is locked in a volatile range and it takes a break of 54.21 to set the stage for a rally to a double bottom objective of 58.29. The top of December congestion at 59.01 reinforces the double bottom target as an important market level. Continuation lower would leave crude within the well-defined bearish channel and open up the 38.2% absolute retracements of the August 2013 high (112.21) and June 2014 high (107.64) at 41.12 and 42.86.I’ll add that the 38.2% absolute retracement of the May 2011 high (114.80) is 43.85 and the low thus far is 43.56.”

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES