Crude Rips from Lower Parallel Support Line

Weekly

Chart Prepared by Jamie Saettele, CMT

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-“Broad focus is higher in USOIL as trade since May is corrective and therefore likely subdivides a larger bull move. A break above 62.55 would set a 68.61 objective. A final ‘flush’ could test support near 57.91 (pay attention to the lower parallel line).” The ‘final flush’ found support just above 57.91 (low was 58.02). Reward/risk is extremely bullish against 58.02.

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