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Crude Hits Target and Reverses Sharply

Crude Hits Target and Reverses Sharply

2016-05-03 19:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Hits Target and Reverses Sharply

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “Crude remains constructive while within the Andrew’s structure shown. The market is testing the median line now, which was resistance last week. A bull objective is 46.45.” Crude popped through the 46.45level before coming off sharply. Watch for support near 41.30/80 the rest of the week. Failure to hold that level would be bearish.

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