Crude Oil – If this Doesn’t Hold then Straight to 49
Chart Prepared by Jamie Saettele, CMT
-“Crude is trying to break out but watch for support near 52.37 if it pulls back within the range again. The extreme COT readings continue to cast doubt on the staying power of strength though.” Crude has dropped and is nearing 52.37. This level needs to hold or its probably straight down to 49 (trendline and 200 day average) at minimum given the record COT position.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.