Crude Oil Holding Pattern Between 43 and mid-46.00s
Chart Prepared by Jamie Saettele, CMT
-The possible yearlong head and shoulders pattern (lows in August 2015, February 2016 and August 2016) is intriguing but the right shoulder could form for quite some time before the next advance. 43 and mid-46.00s are well defined market levels. A break of one of these levels is needed in order to set direction for the next move.