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Crude Capped by 20 Day Average

Crude Capped by 20 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Capped by 20 Day Average

Prepared by Jamie Saettele, CMT

“Crude has held channel support but the break of the March range is bearish. 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.” The rally is testing former lows from the March congestion. The confluence of the 20 day average and 3/22 low at 10450 defines resistance. The monthly high at 10546 is the pivot (below is bearish).

Bottom Line (next 5 days) – lower?

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