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Crude Top Warning as High Fails to Reach Resistance Line

Crude Top Warning as High Fails to Reach Resistance Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Top Warning as High Fails to Reach Resistance Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Crude has broken above 54, shifting focus to the upper parallel, which intersects a resistance line near 67.”

-“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).” The 5/13 high failed to reach the resistance line, which warns of a top (think of it like momentum divergence) and coming support break.

For more analysis and trade setups, visit SB Trade Desk

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