Crude-Expecting Mid-32.00s Support Now
Chart Prepared by Jamie Saettele, CMT
-The last few crude updates noted that “a break above the resistance lines (short term channel and former downtrend support line) is still needed in order to open up 38.00s. Crude has pushed through the steepest channel line…the next one of interest is about 32.80.” Crude has pushed through the more important line now, which crosses all the lows from 2015. This line was resistance in January, which makes recent developments even more important. Bottom line, crude hasn’t looked this constructive in a very long time. Watch for support near 32.31 (2/29 low and the line that extends off of the 2015 lows…which is support turned resistance).