Prepared by Jamie Saettele
Crude has rallied off of a trendline that dates to September. Having already exceeded last week’s high (as well as the 20 and 50 day averages), a move above 9702 cannot be ruled out. Trading above there would give scope to a test of 10134 and potentially a break higher towards the top side of a corrective channel that intersects with a Fibonacci objective (11660) in July.
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