Crude is Bullish on Dips
60 Minute Bars
Prepared by Jamie Saettele, CMT
Crude spiked below 104.34 on bearish news last to complete the 3 wave decline from above 110.00. I wrote last week that “turns in this market tend to occur in that fashion; the high on March 1st was on supposedly bullish news. Still, having failed to reach our 102.00/50 objective, only turn bullish on a move through 108.20.” Crude has exceeded the mentioned 108.20 and more importantly rallied in impulsive fashion. Expect corrective weakness into 107.03.
Bottom Line (next 5 days) – sideways / higher?
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