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Crude Oil Rally Faces First Test Since March Low

Crude Oil Rally Faces First Test Since March Low

2017-04-04 19:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Oil Rally Faces First Test Since March Low

Chart Prepared by Jamie Saettele, CMT

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-“I’m positive on crude as long as the trendline holds. 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).” Crude is a few ticks from the upper end of the noted range. As such, respect potential for a pause in the move higher but the broader constructive outlook remains.

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