Crude Drops Through Trendline Support

240 Minute Bars

Prepared by Jamie Saettele, CMT

I wrote yesterday that “patterns across the FX space, metals, and stocks are bearish at the current junctures. I am respecting today’s crude reversal.” Crude has extended yesterday’s weakness and dropped below the short term support line. A drop below 9965 (1/3 low) would trigger a bearish bias towards the December low of 9275.

Bottom Line – flat