Crude Oil Breaks 2016 Uptrend; 200 Day Average Just Below
Chart Prepared by Jamie Saettele, CMT
-The most recent update remarked that “the current level (46) is huge as a break below would indicate a break of the 2016 uptrend (since February). The 200 day average and a former floor near 43 would be next in line from a trading standpoint.” Crude has lost its 2016 uptrend so pay attention to the 200 day average, which has been a big pivot for the last 2 years. The impulsive nature of the recent weakness suggests that any bounce will prove nothing more than countertrend however.