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Crude Bounces from Range Lows

Crude Bounces from Range Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Bounces from Range Lows

Chart Prepared by Jamie Saettele, CMT

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

-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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