Crude Failure to Hold LT Line Would Open Up 42.27
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The line that extends off of the 1998 and 2001 lows has been reached. A weekly close above the line would be a positive.” Last week’s reversal in crude is a start but crude has only been able to muster sideways trading since the low. Above 50 is needed to trigger the squeeze. Another break would target 42.27.
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