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Crude Oil – Time to Finally Punish the Crowd?

Crude Oil – Time to Finally Punish the Crowd?

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Is crude finally about to punish the crowd (see COT)? “Crude continues to thrash about in a sideways manner but perhaps a smash is upon us given the rejection at the 1/6 high. 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.