Crude Support of Last Resort?
Chart Prepared by Jamie Saettele, CMT
-Crude has declined for 10 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%).