Crude Coiling for Next Leg Higher
Chart Prepared by Jamie Saettele, CMT
-Crude has turned up sharply but does face the combination of a median line (although bullish) and longer term trendline (bearish) just above the current level.
-“Crude dipped to 57.81 today (6/4). This level needs to hold if the trend is still higher.” Crude has held. Range resistance could come in at 60.64 but broad focus is higher as trade since May is corrective and therefore likely subdivides a larger bull move.
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