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Crude Oil Key Reversal at Horizontal Resistance

Crude Oil Key Reversal at Horizontal Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

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.” Crude turned up at the 200 day average but ran into a well-defined horizontal level today (11/22) and is therefore at risk of turning down again. Consolidation since the June high could end up as an ascending triangle.

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

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