Crude Drops into Early August Range
240 Minute Bars
Prepared by Jamie Saettele, CMT
“The decline is unfolding in an impulsive manner.” When crude decides to move, it moves quickly. After bouncing several times at the 38.2% retracement of the rally from 7726, crude broke down and has entered the price territory of August 1st. This level may produce a bounce but focus is on 8610/84; the 61.8% retracement of the rally from 7726 and 7/25 low (spot prices).
LEVELS: 8684 8786 8894 9178 9320 9381
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.