Crude Tags January High; Time for a Pullback
Chart Prepared by Jamie Saettele, CMT
-The last crude update noted that “crude has pushed through the line that 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.” Black gold ticked out the January high (also the August 2015 low) today before trading lower. This is the biggest test yet for the rally so respect potential for a pullback (into 32?).