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Crude Snapback Rally Presents Short Opportunity

Crude Snapback Rally Presents Short Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Snapback Rally Presents Short Opportunity

Prepared by Jamie Saettele, CMT

Crude snapped back sharply following its break of the tight range and trendline. Price has held the mentioned resistance (10520/70) thus continue to look lower as long as crude is under 10875. The next major support is not until the February low.

Bottom Line (next 5 days) – lower

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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