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Crude Oil Key Reversal after Touching 1/6 High

Crude Oil Key Reversal after Touching 1/6 High

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Crude continues to thrash about in a sideways manner but perhaps a smash is upon us given the rejection at the 1/6 high today. 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.

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