Crude Weak Bounces Portend Lower Levels
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.”
-The next major support is the 2011 low / 50% retracement of the advance from the 2008 low at 74.94-75.49. 84-86 (lows in 2012 and recent consolidation) is now resistance.
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