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Crude More Important Support Still Near 42

Crude More Important Support Still Near 42

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude More Important Support Still Near 42

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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.

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