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Crude Continues to Respect Supports

Crude Continues to Respect Supports

2015-05-12 19:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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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