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Weekly

Crude Wipes Out All of June; Nearing May Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“Crude is failing to hold breakout gains. The high of the move so far is the day after the breakout and the market has been probing channel support all week. Futures made an outside week reversal last week as well. Weakness has accelerated and overlap with the May high suggests that a top is in place.” Crude has retraced all of June and is nearing the May low (98.73) and 200 DMA. Expect a rally attempt from nearby levels.

LEVELS: 96.24 97.34 98.73 | 101.54 103 104.50

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