Crude Headed to 42
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “the break below 45.82 delays the constructive outlook. The measured target from this breakdown is 41.12, which is just under a chart level at 42 (March 2015 low and March 2016 high).” After trading on support for a week, crude is attempting to break down. Look towards 42 and the mentioned 41.12, which is also near the 200 day average.