Crude More Important Support Still Near 42
Chart Prepared by Jamie Saettele, CMT
-“Crude is constructive as long as price maintains the bullish structure that has defined supports since early April. The October 2015 high is at 50.88, which is where the rally would consist of 2 equal legs from the February low (51.06). I’m expecting 51 (give or take) to inspire a reaction lower in crude.” Crude turned down from 51.59 and has broken its bullish trendline. 42 may serve as support.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.