Crude Has Now Retraced over Half of Decline from 2012 High
Weekly Bars
Prepared by Jamie Saettele, CMT
Crude is at its best levels since mid-May and has now retraced a bit more than half of the decline from the 2012 high. A lack of 'reliable' RSI divergence with momentum on intraday plots keeps me from calling a top at the current level and does suggest that price may grind higher still. I am of the mind however that the long term trend is down and that gains from here likely face headwinds near 9800.
LEVELS: 9175 9230 9310 9434 9521 9782
Prepared by Jamie Saettele, CMT
Crude is at its best levels since mid-May and has now retraced a bit more than half of the decline from the 2012 high. A lack of 'reliable' RSI divergence with momentum on intraday plots keeps me from calling a top at the current level and does suggest that price may grind higher still. I am of the mind however that the long term trend is down and that gains from here likely face headwinds near 9800.
LEVELS: 9175 9230 9310 9434 9521 9782
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