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Crude Pops after Outside Day Reversal; Hits Median Line

Crude Pops after Outside Day Reversal; Hits Median Line

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.

-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).

For more analysis and trade setups, visit SB Trade Desk

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