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Crude Returns to 17 year Trendline; Outside Day Reversal

Crude Returns to 17 year Trendline; Outside Day Reversal

Jamie Saettele, CMT, Sr. Technical Strategist


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.” The low for the move so far is 46.66 (close of the low week in March is 46.44). Crude made an outside reversal day today (7/28) at a 17 year trendline today as well. This is a good way (outside reversal) and place (trendline) to form some kind of low.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.