Crude Oil Breakout Attempt from 2 Month Range
Chart Prepared by Jamie Saettele, CMT
-There is no change to prior crude comments. “Crude is coiled…really tight. Bollinger band width is the smallest since July 2002! Historically extreme readings tend to register before strong directional moves. Which direction though? If I forget about the record COT position, then the market is set up to rally but perhaps from a triangle in which case the risk is high that a new high proves terminal (end of a move rather than beginning).”
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