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Crude Continues to Respect Supports

Crude Continues to Respect Supports

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Continues to Respect Supports

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. Risk can be tightened to 58.11. A break below would leave crude vulnerable to a drop to the 54s (Feb highs) or 52s (March highs).

For more analysis and trade setups, visit SB Trade Desk

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