Crude Threatening Breakout
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.”
-We should have a good idea regarding the larger trend soon as crude is trading above the line that extends off of the 2013 and March high. Exceeding 105.19 would negate the bear case.
LEVELS: 100.73 101.61 102.21 | 105.19 106.38 107.58
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