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Crude Oil Tests 2016 Trendline before Inventories

Crude Oil Tests 2016 Trendline before Inventories

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Oil Tests 2016 Trendline before Inventories

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 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.” Crude is testing the mentioned level (46). The current level is huge as a break below would indicate a break of the 2016 uptrend (since February). The 200 day average and a former floor near 43 would be next in line from a trading standpoint.

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