Crude Could Rally 13% Over Next Few Weeks

Weekly

Chart Prepared by Jamie Saettele, CMT

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-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. A break above 62.55 would set a 68.61 objective (13% from current price of 60.50).

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