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Crude Oil Still Viewed as Constructive While above 49

Crude Oil Still Viewed as Constructive While above 49

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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 (now watch for support) and focus is now on a former cluster zone near 54. For more on crude, check out this video.

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

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