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Crude Oil – Resistance Near 49 and Support on a Trendline Re-Test

Crude Oil – Resistance Near 49 and Support on a Trendline Re-Test

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Oil – Resistance Near 49 and Support on a Trendline Re-Test

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “crude is on a tear and testing the line that extends off of the June high. Strength through here would place additional emphasis on the possible yearlong head and shoulders pattern (lows in August 2015, February 2016 and August 2016).” Crude has broken through the noted line. That line should be watched for support if re-tested from above.

For more analysis and trade setups, visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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