Crude Oil – Minor Support at 43 and Major Support at 37.73
Chart Prepared by Jamie Saettele, CMT
-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).” 43 is seen as minor support but don’t dismiss a broader range (could form a complex right shoulder) with support near 37.73.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.