Crude Downside Favored Below Friday High
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.”
-The declines from the early and late March highs are also impulsive (5 waves), warning that crude will break below the March low while staying below the 3/28 high. Look for resistance from 100.73-101.46.
LEVELS: 97.34 97.99 99.55 | 101.46 102.56 103.41
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