Crude Faces Trendline; Break Would Signal Larger Recovery
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Crude found support from the line that extends off of the 2012 and 2013 lows.
-Wrote last week that “given the extended nature of the decline and proximity of mentioned levels, a tradeable low may form in early December.” Price is facing a multi-month trendline as resistance now. A push above that line would suggest something in store for bulls.
Trading Strategy: Flat
LEVELS: 90.09 91.23 92.38 | 94.66 95.59 96.99
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.