Crude Recent Consolidation May Lead to Next Bear Leg

Daily Bars

Prepared by Jamie Saettele, CMT

Crude weakness from 103.39 appears impulsive. As such, I favor the downside against that level. Trading above that level would restore the previous interpretation in which a larger correction is underway towards 107.57 (61.8% retracement). A break below 95.09 would shift focus to the February low at 89.16

Support/Resistance Index (M,W,D) – 0, (1), (3)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.