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Crude Sinks into Steep Short Term Downtrend Line

Crude Sinks into Steep Short Term Downtrend Line

2015-08-11 19:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Crude Sinks into Steep Short Term Downtrend Line

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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.

For more analysis and trade setups, visit SB Trade Desk

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