Crude Oil Frustrates Both Sides; Watch 52.37
Chart Prepared by Jamie Saettele, CMT
-Crude is trying to break out but watch for support near 52.37 if it pulls back within the range again. The extreme COT readings continue to cast doubt on the staying power of strength though. “Crude is coiled…really tight. Bollinger band width is the smallest since July 2002! Historically extreme readings tend to register before strong directional moves. The market may be set up to rally from a triangle in which case risk is high that a new high proves terminal (end of a move rather than beginning).”
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