Crude Faces Big Test Near 51
Chart Prepared by Jamie Saettele, CMT
-“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.” I’m expecting 51 (give or take) to inspire a reaction lower in crude.
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