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Crude Oil Back and Fill Action at the Breakout Level

Crude Oil Back and Fill Action at the Breakout Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily (Log Scale)

Crude Oil Back and Fill Action at the Breakout Level

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Some much needed back and fill is taking place at the trendline that originates from the May 2015 high. More importantly, the June and October highs are being tested. A decisive break higher would complete a 16 month inverse head and shoulders pattern. The right shoulder has formed as a symmetrical triangle. A great deal of potential exists from the combination of patterns. The inverse head and shoulders objective would be 75.72.

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

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