Crude at Support from Downtrend Line and Fibonacci

Daily

Chart Prepared by Jamie Saettele, CMT

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-Crude has dropped into short term downtrend support and consolidated for 3 days. The 61.8% retracement of the rally from the March low is just below at 49.86. In other words, this isn’t a bad spot for a more important turn up but also expect resistance near 53.00/50 if reached this week.

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