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Crude 42.00 is Important for Near Term Direction

Crude 42.00 is Important for Near Term Direction

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude 42.00 is Important for Near Term Direction

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “42.01-43.50 continues to cap strength. 42.01 is the low from March 2015…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.” Crude traded into the 1/1/2015 low (44.19) today before backing off. If crude is still bullish, then former resistance at 42 is likely support.

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