Crude Oil Underside of Trendline Should be Watched for Resistance
Chart Prepared by Jamie Saettele, CMT
-Recent comments were that “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.” The 200 day average held on the first attempt. Again, I don’t think that it will hold on the next attempt. Watch for resistance near the underside of the broken trendline.