Crude Could Get Drilled into the 52s
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The 5/13 high failed to reach the resistance line, which warns of a top (think of it like momentum divergence) and coming support break.”
-Failure to reach the resistance line was a good warning. The low 54s (former resistance) may provide support but the 50% retracement of the advance from the March low at 52.38 may be the magnet level.