Crude Sinking Towards Trend Lows
Chart Prepared by Jamie Saettele, CMT
-Near term, crude is declining within an extremely steep channel. The market is so weak that the latest bounce couldn’t even make it to channel resistance. 44.60 (close of the 3/18 low day) is a level that could end up providing support for a bounce. A move above 51.39 is needed in order to suggest that the near term picture is turning.
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