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Crude Rips off of 19 Year Trendline

Crude Rips off of 19 Year Trendline

2015-02-03 20:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Rips off of 19 Year Trendline

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.” Crude has returned to December congestion (54.40-59.75). This zone may provide resistance now.

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

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