Daily Bars
Prepared by Jamie Saettele
Crude is holding above its steep support line and focus remains on the measured objective at 117.94 as well as the corrective channel closer to 115.00. The advance is expected to complete the entire rally from the 2009 low and should help in timing a US dollar bottom (especially against the CAD). The 20 day average is just below yesterday's low at 110.80. There is divergence with the recent high. When combined with the hanging man candle pattern yesterday, caution is warranted.
Support/Resistance Index (M,W,D) – 3, 0, 0
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