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Crude Failure to Hold LT Line Would Open Up 42.27

Crude Failure to Hold LT Line Would Open Up 42.27

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“The line that extends off of the 1998 and 2001 lows has been reached. A weekly close above the line would be a positive.” Last week’s reversal in crude is a start but crude has only been able to muster sideways trading since the low. Above 50 is needed to trigger the squeeze. Another break would target 42.27.

--Tradingideas are availabletoJ.S. Trade Desk members.

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