Crude Reverses Sharply from Lowest Level Since April 2009
Prepared by Jamie Saettele, CMT
Crude staged a sharp reversal along with the rest of ‘risk’ yesterday. The reversal idea is bolstered by RSI divergence on the daily and the fact that the decline from the May high consists of 2 equal waves. At minimum, a bounce is expected. The structure of the advance should offer insight into the staying power of the bull. 8320 is resistance going forward.
Trend Strength (M,W,D) – (1), (2), (2)
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