Crude Bounce Fades; a Break Would Target mid 40s
Chart Prepared by Jamie Saettele, CMT
-“Crude has plunged into a slope confluence. This is a good spot for a rally attempt. Watch for resistance in the 54.00s and near 58.” The bounce from slope support has failed. Failure to turn up would open up a move to 47.29 (expansion of 50.93-54.21 range).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.