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Crude Oil Headed for New Highs and Top of Channel

Crude Oil Headed for New Highs and Top of Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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. 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 nearing the highs from January. Focus is higher towards the upper channel line. 51.60s is support.

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

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