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Light Crude 05-20

Light Crude 05-20

2010-05-20 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 5-20-10DT-OIL

The slightly upward sloping trend over the past 10 months may be a large distribution (topping) pattern. Crude has dropped below its support line and is now testing former support just below 6900. The next level of potential support is not until below 60.

 

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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

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