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Crude Sinks into Steep Short Term Downtrend Line

Crude Sinks into Steep Short Term Downtrend Line

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

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 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).

For more analysis and trade setups, visit SB Trade Desk

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