Crude Pops after Outside Day Reversal; Hits Median Line
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.” 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.
-Crude’s bounce stalled at a median line. As such, the 7/29 high is important and can be used as a pivot (bullish above and bearish below).
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