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Crude Oil Breaks 2016 Uptrend; 200 Day Average Just Below

Crude Oil Breaks 2016 Uptrend; 200 Day Average Just Below

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The most recent update remarked that “the current level (46) 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.” Crude has lost its 2016 uptrend so pay attention to the 200 day average, which has been a big pivot for the last 2 years. The impulsive nature of the recent weakness suggests that any bounce will prove nothing more than countertrend however.

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