Crude Oil Firms into June and October 2016 Highs
Chart Prepared by Jamie Saettele, CMT
-“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 above the top of the noted range and trading at the highs from June and October 2016. As such, respect potential for a pause in the move higher but the broader constructive outlook remains.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.