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  • Evergrande shares jump as much as 32%, with over 240 million shares traded -BBG
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  • #ASEAN based #USD index continues to extend the bounce off September lows post #FOMC This follows a test of the 100-day SMA as well as a rising trendline from June Eyes on the 38.2% Fib extension before potentially retesting the July/August highs https://t.co/uZ7OEJurPs
Crude Finishing May at Underside of 18 Year Trendline

Crude Finishing May at Underside of 18 Year Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Monthly

Crude Finishing May at Underside of 18 Year Trendline

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“Crude is constructive as long as price maintains the bullish structure that has defined supports since early April. The October 2015 high is at 50.88, which is where the rally would consist of 2 equal legs from the February low (51.06). Weakness below 42 would negate the near term upside bias.” There isn’t much else to add other than noting that the current level is marked by the underside of the 1998-2001 trendline. This line was precise support in 2009 and support (although not precise) in early 2015. The risk is that former support provides resistance.

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