Crude Testing Major Price Zone as Resistance Again
Chart Prepared by Jamie Saettele, CMT
-Crude oil is back for more at the well-defined 42.01-43.50 zone. Remember, 42.01 is the low from March 2015. 43.56 is the January 2015 low. The importance of this zone cannot be understated. Another leg lower (test of the lows?) is possible as long as crude respects the resistance zone. A break above the zone would shift focus to the May 2015 high at 50.88.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.