Crude Oil Crowd Control

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-No change to crude oil comments. “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 (1/3). Watch for support near 49.” The recent dumping in crude isn’t a surprise if you follow the COT data.