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Crude at Support from Downtrend Line and Fibonacci

Crude at Support from Downtrend Line and Fibonacci

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude at Support from Downtrend Line and Fibonacci

Chart Prepared by Jamie Saettele, CMT

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

-Crude has dropped into short term downtrend support and consolidated for 3 days. The 61.8% retracement of the rally from the March low is just below at 49.86. In other words, this isn’t a bad spot for a more important turn up but also expect resistance near 53.00/50 if reached this week.

For more analysis and trade setups, visit SB Trade Desk

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