Crude Top Warning as High Fails to Reach Resistance Line
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.
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