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Crude Oil Test for the Bounce is 33.50

Crude Oil Test for the Bounce is 33.50

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Crude Oil Test for the Bounce is 33.50

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-While sentiment and momentum are certainly at a point that could lead to a ‘bounce’ for crude oil, 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. The test for this bounce is a former support line, which is about 33.50 over the next few days. A push above that level would be viewed as a positive development.

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