Crude Continues to Respect Supports
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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).