Crude Oil Rally Faces First Check Since March Low



Crude Oil Rally Faces First Test Since March Low

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 a few ticks from the upper end of the noted range. As such, respect potential for a pause in the move higher but the broader constructive outlook remains.

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