Crude Another Big Resistance Test
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Since mid-Jan, crude has been trading around the line that extends off of the 1998 and 2001 lows. Several key weekly reversals (in Jan and Mar) along with the shape of trading since mid-Jan indicate a possible bullish base. A couple more months of sideways trading may be in store with 54 as resistance.”
-“Crude is approaching 54. The level is reinforced by a slope confluence.” Watch for support now near lower parallels (near 50 and just above 47 over the next few days). A break above 54 (daily close) would indicate an important behavior change.