Crude Oil Finds a Higher Floor
Chart Prepared by Jamie Saettele, CMT
-Crude has been in a holding pattern all year (it is only February though). 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 since early January. If crude resumes higher, then pay attention to the median line. If it breaks lower, then pay attention to 49. All in all, yesterday’s (2/8) daily reversal lends the chart a much more positive vibe than before.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.