Crude Doji at Channel Support after Market Tests 96
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Crude stabilized on Thursday after slipping below 96. Downward sloping channel support make this a good place for a rally attempt. Short term sentiment is extremely bearish so an advance could be sharp. Resistance is estimated from trendlines (likely strongest from 100-101).
-The line that extends off of the 2008 and 2012 lows is at about 93.25 this week. This line was tested in April. Needless to say, a break below that line would indicate a major trend shift.
Trading Strategy: Flat
LEVELS: 93.65 95.33 95.93 | 97.66 99.20 100
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