Crude Having a Tough Time at 100
300 Minute Bars
Prepared by Jamie Saettele, CMT
“After exploding through the July high of 10057, crude reversed at the June high near 10330, forming a key reversal in the process. The key reversal and the excitement that surrounded the reversal suggests to me that the reversal is ‘for real’…” A look at the weekly reinforces my bearish interpretation. A weekly key reversal unfolded 2 weeks ago and this latest rally is testing the underside of former trendline support (now resistance).
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