Crude Oil Rally Will be Tested above 51

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Chart Prepared by Jamie Saettele, CMT

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-“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).