Crude 42-43.50 Looms as the Next Big Zone
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.” Crude could face resistance in the 42-43.50 zone. 42.01 is the low from March 18th, 2016 (just like USD/CAD and the high from exactly one year ago).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.