Crude Oil Still above the Trendline

Daily (LOG)

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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 continues to trade around the trendline and 200 day average. I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows).