Crude Stabilizes at Channel
Prepared by Jamie Saettele, CMT
Crude has held channel support but the break of the March range last week and the full retracement of the 4/2 rally affords bearish undertones. The channel that is drawn is a corrective channel and a break below would suggest that an impulsive decline is underway towards much lower levels. 10380 and 10450 are resistance.
Bottom Line (next 5 days) – lower
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