Crude Bounces are Fleeting
240 Minute Bars
Prepared by Jamie Saettele, CMT
“The decline is unfolding in an impulsive manner.” When crude decides to move, it moves quickly. The market is at support from early August highs but the clean break of the 38.2% retracement of the rally from 7726 warrants breakout consideration of a breakout strategy towards the confluence of the late July lows and 61.8% retracement. Expect resistance as the market approaches 9200. Look lower as long as price is below 9320 (spot prices).
LEVELS: 8690 8896 9085 9178 9320 9381
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