Crude Oil Spills after YTD High Prints – Watch 49
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Crude Oil Spills after YTD High Prints – Watch 49

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The possible yearlong head and shoulders pattern (lows in August 2015, February 2016 and August 2016) is intriguing but crude just printed a YTD high and pulled back sharply. Watch for support at 49 (former high and 20 day average) but failure to hold that level risks a drop into the former support line (in blue) near 46.

For more analysis and trade setups, visit SB Trade Desk

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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