Crude Holding Outside Day Reversal; 47.80 is Key
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Continuation lower would leave crude within the well-defined bearish channel and open up the 38.2% absolute retracements of the August 2013 high (112.21) and June 2014 high (107.64) at 41.12 and 42.86.” The latter level has been reached. Former resistance (magenta line) could eventually provide support. The line is at about 39.50 on 3/18. A daily close above the parallel from the short term fork would indicate a change in behavior….especially in light of Thursday’s outside reversal.
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