Crude Reverses Sharply to Test Trendline Support
240 Minute Bars
Prepared by Jamie Saettele, CMT
“The decline in crude from 10333 is in 3 waves and the rally from 9252 is impulsive. The combination of these 2 observations paints a bullish picture for crude as long as price is above 9252.” Despite today’s reversal, crude remains above channel support and a short bias wouldn’t be triggered until a drop under 9829. Still, patterns across the FX space, metals, and stocks are bearish at the current junctures. I am respecting today’s crude reversal.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.