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Crude Testing Former Support Line Turned Resistance

Crude Testing Former Support Line Turned Resistance

2016-02-23 19:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Testing Former Support Line Turned Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-As noted in recent updates, a break above the resistance lines (short term channel and former downtrend support line) is needed in order to open up 38.00s. Crude pushed through the steepest channel line…but continues to struggle at the longer held former support turned resistance line (goes back to February 2015). If a bottoming pattern of some sort is forming, then support should come in near 29.20.

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