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Crude Faces 12 Month Trendline

Crude Faces 12 Month Trendline

Jamie Saettele, CMT, Sr. Technical Strategist


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.” Broad focus is higher as trade since May is corrective and therefore likely subdivides a larger bull move. Beware of long term trendline resistance just above current price however.

For more analysis and trade setups, visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.