Crude Consolidating above January Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Above 98.64 would suggest that a near term low is in at this confluence. Until then, respect downside potential.” Crude has fallen apart. Remember, COT has indicated an extremely crowded trade forever. That trade is finally getting washed out. A break of the January low exposes 86.64 but the market is at support now from the close of the first week of the year (circled), which is so far the low week of the year. In fact, the June top was established at exactly the close of the high week so far in 2014. Resistance is at 95.80.
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