Crude Oil Monthly High at 47.72 Intersects Trendline Soon
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-48.00s are well defined market levels (the former level has been support the last 3 days). A break of one of these levels is needed in order to set direction for the next move. For more on crude, check out this analog. Near term, watch for 47.72 resistance.
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