Crude Decline Would Consist of Equal Legs at 97.51
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-I wrote last week that “the next few days are critical to the next big move in crude. The market has broken the line that extends off of the August and March highs but remains below the March high (105.19). The current level is also marked by the 61.8% retracement from the 2013 high-at 104.19.” The market has voted in favor of weakness…look lower but the market is nearing bounce levels (98.99 was reached…97.34/51 is also of interest).
LEVELS: 96.56 97.93 98.99 | 100.49 101.50 102.19
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