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Crude Oil Long Term Chart – Mid 20s for Support?

Crude Oil Long Term Chart – Mid 20s for Support?

2016-01-07 21:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Oil Long Term Chart – Mid 20s for Support?

Chart Prepared by Jamie Saettele, CMT

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

-USOIL (crude oil ETF) traded to its lowest level since 2004 today (1/7). While sentiment and momentum are certainly at a point that could lead to a ‘bounce’, meaningful long term support may not reside until the mid-20s as per the combination of long term slope and horizontal levels from 2002 and 2003.

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