Crude Oil 200 Day Average Dynamic in Play Again
Chart Prepared by Jamie Saettele, CMT
-I wrote last update that “back and fill turned into a crude bloodbath and 51.60s didn’t do anything! The 61.8% if the run-up is 49.62. That level probably needs to hold if crude is still a bull.” That level held last week, didn’t hold Monday, and now price is back at the level on Tuesday. The 200 day average has been useful for years and price is back at the level again. Since August 2016, the dynamic has been for price to drop below the average and then turn higher. The trendline is near 47.82.
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