Crude Oil Final Test Before Full Blown Bull is 50.88
Chart Prepared by Jamie Saettele, CMT
-The most recent update noted that “the early month break above the median line that was resistance at critical points in July, August, and September was short lived but crude oil is right back at the line. A break above this line would increase confidence that price action since the August low is the beginning of something more bullish.” Crude oil broke through the line today (11/3). The implication is, as mentioned, bullish but the final hurdle before a ‘spindletop like blowout’ looms at 50.88 (October high and 200 day average).