Crude Oil Dumps off of Horizontal Level into OPEC
Chart Prepared by Jamie Saettele, CMT
-The last comment noted that “crude turned up at the 200 day average but ran into a well-defined horizontal level (49) and is therefore at risk of turning down again. Consolidation since the June high could end up as an ascending triangle.” Crude has turned down sharply and near term focus is on the trendline just above 43. From the looks of it, that’s the next decision point.
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