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Crude Rallies from Same Line it Did in August

Crude Rallies from Same Line it Did in August

Jamie Saettele, CMT, Sr. Technical Strategist


Crude Rallies from Same Line it Did in August

Chart Prepared by Jamie Saettele, CMT

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

-The last update noted that “crude is in full crash mode (again). The line that provided support in August could do so again. That line is around 34. If crude bounces before reaching the mentioned support, then watch for resistance near 38 (median line, which was resistance on Wednesday).” The mentioned line was support again. The median line is a little lower now…about 37.10 on 12/23.

For more analysis and trade setups, visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.