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Crude 9 Down Weeks for First Time Since 1991

Crude 9 Down Weeks for First Time Since 1991

Jamie Saettele, CMT, Sr. Technical Strategist


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).

-Crude has declined for 9 consecutive weeks. The only other similar streak (since 1987) occurred in 1991 (10 weeks). Following the 10 week decline in 1991, a 3 month base formed that gave way to a 15% rally (from the breakout level…the rally from low to high over 6 months was 30%).

For more analysis and trade setups, visit SB Trade Desk

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