Crude Oil Bear Coverage Hysteria; Watch 26.72

Weekly

Chart Prepared by Jamie Saettele, CMT

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-USOIL (crude oil ETF) traded to its lowest level since December 2003 today (1/12). While sentiment and momentum are certainly at a point that could lead to a ‘bounce’, meaningful long term support may not reside until the mid-20s as per the combination of long term slope and horizontal levels from 2002 and 2003.

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