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Crude Trendline Confluence Rejects Advance

Crude Trendline Confluence Rejects Advance

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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-The last few crude updates noted that “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…volatile conditions could certainly lead to an ‘overshoot’.” Crude ‘overshot’, trading to 34.79 and has since wiped out a good deal of the rally. As long as price is below channel resistance, focus is lower.

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