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Crude Rips from Lower Parallel Support Line

Crude Rips from Lower Parallel Support Line

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Crude Rips from Lower Parallel Support Line

Chart Prepared by Jamie Saettele, CMT

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

-“Broad focus is higher in USOIL 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. A final ‘flush’ could test support near 57.91 (pay attention to the lower parallel line).” The ‘final flush’ found support just above 57.91 (low was 58.02). Reward/risk is extremely bullish against 58.02.

For more analysis and trade setups, visit SB Trade Desk

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