Crude Fails at Channel again but Be Aware of Divergence
Date
2/17/2016 7:36:41 AM
(MENAFN- DailyFX) Weekly
Chart Prepared by Jamie Saettele CMT DailyFX Trading Guides and Forecasts -The last few crude updates noted that “the test for this bounce is a former support line which is about 33.50 over the next few days. A push above that level would be viewed as a positive development…volatile conditions could certainly lead to an ‘overshoot’.” Crude ‘overshot’ trading to 34.79 before turning down. A break above the resistance lines (short term channel and former downtrend support line) is still needed in order to open up 38.00s. Until then risk remains for a drop into 25.50 or so. For more analysis and trade setups visit SB Trade Desk
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