Crude Oil Responds to Short Term Trendline Support
Chart Prepared by Jamie Saettele, CMT
-Noted last updated that “Crude oil broke above the median line on 11/3. This line was former resistance at key points in August, September, and October so the break above was viewed as important. Ccrude is back below the level. Watch for crude oil support in the 43.00s (possible trendline).” The trendline was support today. As long as this level holds, focus is higher towards the median line (again), which resistance (again).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.