Crude Short Term Downtrend Support Near 43.30

Daily

Chart Prepared by Jamie Saettele, CMT

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-“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).”

-The 7/29 high was a decent pivot as crude has plunged over 10% from that high. 43.30 could provide downtrend support (downward sloping trendline). A break outside of the near term downward sloping channel (downtrend resistance) is needed to suggest that even the very short term move is no longer down. That is about 46.80 on Friday.

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