Crude Oil Year Open Provides Resistance
Chart Prepared by Jamie Saettele, CMT
-Crude continues to thrash about in a sideways manner but perhaps a smash is upon us given the rejection at the year open last week. Remember, the sideways trade is taking place following a break above important horizontal levels but positioning (COT) is extreme so the thought of this breakout failing has been forefront in my mind for weeks. If crude resumes higher, then pay attention to the median line near 56.
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