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Crude Responds to Fibonacci Resistance

Crude Responds to Fibonacci Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Responds to Fibonacci Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Crude is coming off of a top that is accompanied by a sentiment extreme. In fact, COT remains pinned near record levels. The current juncture is even more important in light of the proximity of the 200 day average.

-Crude has reacted to the 61.8% of the decline from the April high. Look lower.

LEVELS: 99.26 100.39 101.14 | 102.21 103.78 104.25

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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