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Crude Oil Remains Well Supported at Breakout Level

Crude Oil Remains Well Supported at Breakout Level

Jamie Saettele, CMT, Sr. Technical Strategist

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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.

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

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