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Crude Oil Rally Will be Tested above 51

Crude Oil Rally Will be Tested above 51

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Oil Rally Will be Tested above 51

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-“I’m positive on crude as long as the trendline holds. Failure to do opens up 42 (March 2015 and November 2016 lows) and maybe even a 37 handle at some point (61.8% retracement and August 2015 low).” Now that’s a hold! Lows from January and February stretch from 50.69 to 51.25. The upper end of this range looks like the ‘best’ level for resistance (trendline intersection).

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

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