Crude Bounces from Range Lows
Chart Prepared by Jamie Saettele, CMT
-Recent remarks noted that “Crude oil has completed a head and shoulders continuation pattern. The objective from this pattern is 35.50 (new lows). Price is at a median line that was support for the October low so weakness below here could lead to a free fall towards the August low. Resistance is now near 43.” Crude bounced into 43.42 before turning down. Additional sideways to upside is possible with resistance slightly under 45. A break through that level would indicate a behavior change.
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