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Crude Oil – Watch Weekly Close to Determine Breakout

Crude Oil – Watch Weekly Close to Determine Breakout

Jamie Saettele, CMT, Sr. Technical Strategist

Daily (Log Scale)

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.”

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