Crude Testing Resistance from Late September Highs
60 Minute Bars
Prepared by Jamie Saettele, CMT
“Crude has staged a sharp reversal along with the rest of ‘risk’. 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.” The structure of the advance is constructive. That is, the rally is unfolding in an impulsive manner and weakness would present a bullish opportunity. Support is 8110 and 7907.
Trend Strength (M,W,D) – (1), (2), (2)
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