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Crude Breaks Support Line; Watch That Line for Resistance Now

Crude Breaks Support Line; Watch That Line for Resistance Now

2015-03-10 18:22:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4 Hour

Crude Breaks Support Line; Watch That Line for Resistance Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Price wise, oil is locked in a volatile range and it takes a break of 54.21 to set the stage for a rally to a double bottom objective of 58.29. The top of December congestion at 59.01 reinforces the double bottom target as an important market level. Continuation lower would leave crude within the well-defined bearish channel and open up the 38.2% absolute retracements of the August 2013 high (112.21) and June 2014 high (107.64) at 41.12 and 42.86.I’ll add that the 38.2% absolute retracement of the May 2011 high (114.80) is 43.85 and the low thus far is 43.56.

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