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Crude Weak Bounces Portend Lower Levels

Crude Weak Bounces Portend Lower Levels

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Crude Weak Bounces Portend Lower Levels

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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.

--Tradingideas are availabletoJ.S. Trade Desk members.

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