Crude at Trendline; Could Rebound
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Crude is failing to hold breakout gains. The high of the move so far is the day after the breakout and the market has been probing channel support all week. Futures made an outside week reversal last week as well. Still, weakness isn’t impulsive which leaves room for another leg up.” Weakness has accelerated and overlap with the May high suggests that a top is in place.
LEVELS: 101.56 102.64 103.65 | 105.19 106.17 107.50
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