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Crude Needs to Regain 33-34 to Suggest Some Sort of Low

Crude Needs to Regain 33-34 to Suggest Some Sort of Low

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Crude Needs to Regain 33-34 to Suggest Some Sort of Low

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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