Crude Oil – 53.50-54.00 is the Next Big Zone
Chart Prepared by Jamie Saettele, CMT
-The possible yearlong head and shoulders pattern (lows in August 2015, February 2016 and August 2016) is intriguing. I wrote last update that “near term momentum is promising (4 hour RSI held 40 on recent declines). Be aware that longer term slope considerations stretch into 49.” 49 has been broken and focus is now on a former cluster zone near 54. Watch for support at 49 now.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.