Crude Rips into Trendline Confluence
Chart Prepared by Jamie Saettele, CMT
-The last few crude updates noted that “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…volatile conditions could certainly lead to an ‘overshoot’.” Crude ‘overshot’, trading to 34.79. A break out of the channel that defines trend since October would shift focus to the 38 handle.