Crude at Support but Still Under Pressure
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.”
-Crude is at major support from the 2011 low / 50% retracement of the advance from the 2008 low at 74.94-75.49.
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