Crude 42.00 is Important for Near Term Direction

Daily

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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