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 from that high.” Crude is now at a 6 and a half year low (lowest since February 2009). The next downtrend slope support is probably about 40.60 (extends off of the 2007 low).