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Crude Oil - Watch for Support Near 49.00

Crude Oil - Watch for Support Near 49.00

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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.” Crude has broken out ‘decisively’ but New Year and new fear. The fear is that the breakout fails, at least temporarily, given the violent reversal today. Watch for support near 49.

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

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