Crude Oscillating Between Well-Defined Price Levels

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-42.01-43.50 continues to cap strength. 42.01 is the low from March 2015. 43.56 is the January 2015 low. The importance of this zone cannot be understated. A break above the zone would shift focus to the May 2015 high at 50.88. Interestingly, the ‘Doha low’ registered at a well-defined level (August 2015 low and resistance in late December 2015). Respect upside potential while above that level.

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