Crude Oil Long Term Chart – Mid 20s for Support?
Chart Prepared by Jamie Saettele, CMT
-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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.