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Next Crude Support is in 6%

Next Crude Support is in 6%

Jamie Saettele, CMT, Sr. Technical Strategist

Since breaking down on 7/7, crude has former a triangle which appears on the verge of breaking down. Also, a parallel that crosses inflection points since February 2015 (magenta line) has provided resistance the last 2 days. The measured move from the triangle would be 41.91, which is in line with the March 2015 low at 42.01 and March 2016 high at 41.87. The slope I am operating on is based on the 2013-2014 trendline.

This analysis and chart appears in today's SB Swing Update. For more, visit SB Trade Desk.

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