Crude Resistance is Closer to 8600
Prepared by Jamie Saettele, CMT
Crude’s decline has been nothing short of breathtaking. As mentioned many times in these technical pages, crude has served as a leading indicator and the ‘tell’ that global growth is slowing significantly. Even so, markets don’t move in straight lines and yesterday’s key reversal may be the beginning of a corrective advance back towards 8584-8725. 8265 is near term support.
LEVELS: 8119 8265 8330 8584 8725 8824