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Crude Rallies into Median Line then Plunges

Jamie Saettele, CMT

DailyFX.com -

Daily

Crude Rallies into Median Line then Plunges
Crude Rallies into Median Line then Plunges

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-Crude has declined for 10 consecutive weeks. The only other similar streak (since 1987) occurred in 1991 (10 weeks). Following the 10 week decline in 1991, a 3 month base formed that gave way to a 15% rally (from the breakout level…the rally from low to high over 6 months was 30%).

-“Crude has rallied from support…to resistance in 1 day. A break above here targets the median line near 47.” Crude reached the median line and is plunging from that median line. The slope presented above has caught every important turn over the last few months…so follow it! Support could come in near 42.50.

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original source

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