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Crude Oil Dumps off of Horizontal Level into OPEC

Crude Oil Dumps off of Horizontal Level into OPEC

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last comment noted that “crude turned up at the 200 day average but ran into a well-defined horizontal level (49) and is therefore at risk of turning down again. Consolidation since the June high could end up as an ascending triangle.” Crude has turned down sharply and near term focus is on the trendline just above 43. From the looks of it, that’s the next decision point.

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