Crude Oscillating Around January High
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 is trading at the January high (also the August 2015 low). This is the biggest test yet for the rally so respect potential for a pullback and/or consolidation.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.