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Crude Breakout; Watch for Support Near 47

Crude Breakout; Watch for Support Near 47

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Breakout; Watch for Support Near 47

Chart Prepared by Jamie Saettele, CMT

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

-Crude has declined for 10 consecutive weeks. The only other similar streak (since 1987) occurred in 1991 (10 weeks). Following the 10 week decline in 1991, a 3 month base formed that gave way to a 15% rally (from the breakout level…the rally from low to high over 6 months was 30%).

-“Crude has rallied from support…to resistance in 1 day. A break above here targets the median line near 47.”

-“Crude reached the median line and is plunging from that median line. The slope presented above has caught every important turn over the last few months…so follow it!”

-Crude has broken above the median line (used to be resistance). Watch the same line now for support…then look higher again.

For more analysis and trade setups, visit SB Trade Desk

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