Crude Oil Trendline Hold and Trying to Establish above the 200 Day Avg

Daily (LOG)

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update remarked that “low thus far is 47.07 so if crude isn’t going to spill then it needs to turn up now. A close back above the 200 day average would be a positive sign (a la what happened in August and November).” Crude closed above the 200 day average on Wednesday. Given the dynamic, I’m positive on crude.