Crude Oil - Watch for Support Near 49.00
Chart Prepared by Jamie Saettele, CMT
-“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.
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