Crude Oil Follows through on Daily Reversal; Watch 47-48

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent comments were that “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.” Watch for resistance near the underside of the broken trendline in the 47-48 zone (50% and 61/8% retracements).