Crude Rally Stalls at 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). I’m expecting 51 (give or take) to inspire a reaction lower in crude.” Crude has turned down from 51.59. Near term momentum is firm so this may be just a hiccup before a more important turn lower from higher levels. Pay attention to the bullish trendline (below is bearish).
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