Crude Trading Support Reached Just below 38
Chart Prepared by Jamie Saettele, CMT
-The last crude update noted that “crude could face resistance in the 42-43.50 zone. 42.01 is the low from March 2015.” High tick in crude was 41.87. The importance of resistance in the aforementioned zone cannot be understated. Another leg lower (test of the lows?) is possible as long as crude respects the resistance zone. Near term, crude could bounce/consolidate given the presence of support from the August low and late December high just below 38.
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