Crude Sinks into Steep Short Term Downtrend Line
Chart Prepared by Jamie Saettele, CMT
-“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.
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