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Crude Oil; Bigger Reversal Prospects Get Interesting Above 33

Crude Oil; Bigger Reversal Prospects Get Interesting Above 33

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Crude Oil; Bigger Reversal Prospects Get Interesting Above 33

Chart Prepared by Jamie Saettele, CMT

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

-The last update on crude noted that “while sentiment and momentum are certainly at a point that could lead to a ‘bounce’ for crude oil, 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. The test for this bounce is a former support line, which is about 33.50 over the next few days. A push above that level would be viewed as a positive development.” Crude has bounced and the big test for this market is still just above 33 although volatile conditions could certainly lead to an ‘overshoot’.

For more analysis and trade setups, visit SB Trade Desk

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