Just an update on the major pennants.
Oil has broken out to the downside again. All the other charts have followed this move as the $USD has moved higher.
This still looks to have ominous outcomes ahead. IF the USD continues to rise, the trend for the other tickers would most likely be down. First support for oil looks like $79. A break through of 80.50 on the $USD will set off a significant response. Its being watched by almost every technician on the planet.
Good Trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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