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Light Crude 05-07

Light Crude 05-07

2010-05-07 15:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:
dt0507crude
 
A look at daily closes warns that the slightly upward sloping trend over the past 10 months may be a large distribution (topping) pattern.  Crude has dropped below its 20 day SMA now as well.  Of note is that the rally/consolidation from the 2009 low consumed roughly twice the amount of time as the preceding decline.  7915 and 8170 are resistance levels.
 
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 jsaettele@dailyfx.com.

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