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Crude Ceiling at 42-43

Crude Ceiling at 42-43

Jamie Saettele, CMT, Sr. Technical Strategist

I went short crude oil on 7/21 and was targeting 42. 42 was reached 4 days later and crude spilled below 40 on 8/2 before turning up. Price since late June is confined to a bearish channel that shorts can operate within. Channel resistance is near 43 over the next few days but the charts say that 42 is important and the last 2 days' highs have been 42.05 and 42.07. So, look lower with focus on the Doha low at 37.59.

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