Crude Oil – Topping Pattern or Bullish Consolidation?

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-No change to crude oil comments as the energy is consolidating above its breakout level. The big risk is still that the breakout fails and that crude heads to 49 and then 47 (200 day and trendline down there). “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).”