Crude Reverses In Front of April Pivot
Prepared by Jamie Saettele, CMT
I had speculated that “the range may be another triangle in which case crude will see another leg higher…with the USD vulnerable across the board, a test of 10065 probably isn’t far off.” Today’s sharp decline does suggest that last week’s break did complete a triangle thrust and that at least a correction of the advance from the June low is underway. A break of today’s low is needed to trigger a bearish bias against the high (10040).
LEVELS: 9085 9169 9393 9725 9850 9948
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