Crude Former Resistance Provides…Resistance!
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. Today’s reversal at a well-defined market level (August 2015 low and December 2015 high) reinforces bearish market behavior.
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