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Crude Oil Trendline Sits Just above 47

Crude Oil Trendline Sits Just above 47

Jamie Saettele, CMT, Sr. Technical Strategist

Daily (LOG)

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The current range is extremely tight (60 day range is smallest since June 2014…before then it was July 2007). In my experience, the first range break from an extremely tight range is often a trap. The market will then slingshot in the other direction.” Crude is crashing. The 200 day average is right here but the trendline is just above 47. If that doesn’t hold, then 37 (61.8% of rally from February 2016 and August 2015 low) is probably in the cards.

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