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Crude Oil Tightest 20 Day Range Since August 2014; Breakout Warning

Crude Oil Tightest 20 Day Range Since August 2014; Breakout Warning

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Crude is coiled…really tight. Bollinger band width is the smallest since July 2002! Historically extreme readings tend to register before strong directional moves. Which direction though? If I forget about the record COT position, then the market is set up to rally but perhaps from a triangle in which case the risk is high that a new high proves terminal (end of a move rather than beginning).

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

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