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Crude Oil – Watch Weekly Close to Determine Breakout

Crude Oil – Watch Weekly Close to Determine Breakout

2016-12-15 20:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily (Log Scale)

Crude Oil – Watch Weekly Close to Determine Breakout

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-No change to crude as long as its above 49.60. “Crude oil has broken out and the target from the major pattern is over $20 higher. “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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