Prepared by Jamie Saettele
Crude has dropped beneath both its 20 and 50 day averages and the key
reversal week during the first week of January is bearish (as long as
the high remains intact). I am cautiously bearish as long as price is
below 92.84. A move above there would shift focus to 97.83. The 5 wave
decline from 9284 gives scope to a 3 wave corrective advance. Initial
resistance is just above 88.00.
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Source: Dailyfx.com
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