Light Crude 03-29
After reversing from a gap several weeks ago, crude has stair-stepped lower. I still favor weakness to at least 7750. It is possible that the rally from the February low completes wave C of an A-B-C flat. Exceeding 8350 would suggest that crude is headed higher for a test of 90.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to email@example.com.
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