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Crude Oil Consolidating above Former High (49)

Jamie Saettele, CMT

DailyFX.com -

Daily

Crude Oil Consolidating above Former High (49)
Crude Oil Consolidating above Former High (49)

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. I wrote last update that “near term momentum is promising (4 hour RSI held 40 on recent declines). Be aware that longer term slope considerations stretch into 49.” 49 has been broken and focus is now on a former cluster zone near 54.

For more analysis and trade setups, visit SB Trade Desk


original source

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