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Crude Coiling for Next Leg Higher

Crude Coiling for Next Leg Higher

2015-06-09 19:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Coiling for Next Leg Higher

Chart Prepared by Jamie Saettele, CMT

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

-Crude has turned up sharply but does face the combination of a median line (although bullish) and longer term trendline (bearish) just above the current level.

-“Crude dipped to 57.81 today (6/4). This level needs to hold if the trend is still higher.” Crude has held. Range resistance could come in at 60.64 but broad focus is higher as trade since May is corrective and therefore likely subdivides a larger bull move.

For more analysis and trade setups, visit SB Trade Desk

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