Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“Crude’s sharp decline is contained within a channel but would consist of 2 equal legs from the high at 95.26. In other words, the current level to 95.26 is a support zone. I’m more inclined to treat 95.26 as the level to look for a rebound given the presence of trendline support (off of the July 2012 and January 2014 lows).” Above 98.64 would suggest that a near term low is in at this confluence. Until then, respect downside potential.
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