Crude Possible Support at 82.84; Failure to Hold Opens Up 75.50
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.”
-82.84 is the last level that could produce a bounce but there is nothing below there until the 2011 low at 75. A break of 75 would break 4 years of consolidation.
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