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Crude Oil Cracks; 49.62 is Key

Chart Prepared by Jamie Saettele, CMT

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-I wrote last update that “Crude focus is higher towards the upper channel line in the upper 50s but there is certainly the chance of some back and fill with price hovering at yearly range highs. In the event of a setback, I’d like to see 51.60s provide support. The noted level was resistance in 2016.” Back and fill turned into a crude bloodbath and 51.60s didn’t do anything! The 61.8% if the run-up is 49.62. That level probably needs to hold if crude is still a bull.