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Crude Oil - 49 Holding For Now

Crude Oil - 49 Holding For Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Oil - 49 Holding For Now

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to crude oil comments. “The possible yearlong head and shoulders pattern (lows in August 2015, February 2016 and August 2016) is intriguing but crude just printed a YTD high and pulled back sharply. Watch for support at 49 (former high) but failure to hold that level risks a drop into the former support line (in blue) near 46.”

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

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