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Crude Follows Through on Wednesday’s Reversal; at Support Now

Crude Follows Through on Wednesday’s Reversal; at Support Now

2015-05-07 21:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Follows Through on Wednesday’s Reversal; at Support Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“A break above 54 (daily close) would indicate an important behavior change.”

-“Crude has broken above 54, shifting focus to the upper parallel, which intersects a resistance line near 67. Price needs to stay above 55.69 for the breakout to remain valid.”

-Continue to look higher but risk can be tightened now to 58.28. A break below would leave crude vulnerable to a drop to the 54s (Feb highs…former resistance).

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