Crude Sharp Trendline Gives Way
240 Minute Bars
Prepared by Jamie Saettele, CMT
Last week’s drop to a new January low leaves the high as the second day of the month and early month price extremes (first few days) are statistically significant. Price has dropped below trendline support and is at resistance from the 1/19 and 1/18 lows. The downside is favored against the 1/4 high (10371).
Bottom Line – short, stop 10375, target open
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