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Crude Oil Breakout Attempt from 2 Month Range

February 24
02:34 2017

Daily

Crude Oil Breakout Attempt from 2 Month Range

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to prior crude comments. “Crude is coiled…really tight. Bollinger band width is the smallest since July 2002! Historically extreme readings tend to register before strong directional moves. Which direction though? If I forget about the record COT position, then the market is set up to rally but perhaps from a triangle in which case the risk is high that a new high proves terminal (end of a move rather than beginning).”

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