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Crude Sinking Towards Trend Lows

Crude Sinking Towards Trend Lows

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Crude Sinking Towards Trend Lows

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.

For more analysis and trade setups, visit SB Trade Desk

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