Crude Oil Key Reversal at Horizontal Resistance
Chart Prepared by Jamie Saettele, CMT
-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.