Crude Looking More Bearish Each Day; Failing at 20 Day Average
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The news top led to a sharp decline but crude is nearing levels that likely inspire a rally attempt. 95.59-97.09 is a support zone. The decline is impulsive, which raises the possibility of a larger decline following a corrective rally.”
-Estimated resistance is now 101.01 (2/25 low) but the market sold off quickly after testing Friday’s high on Monday. I’m looking lower.
LEVELS: 96.24 97.09 97.99 | 100.11 101.01 102.19
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