Courtesy of Chris Kimble.
Crude oil has been hit hard of late. The decline has Crude testing 3-year rising support at (1), as fear levels are high at (2) and weekly momentum is currently nearing oversold levels.
Below looks at Crude Oil and its 10-week performance –
Crude Oil has declined over 30% in the past 10-weeks at (1), as it is testing rising support at (2).
Wouldn’t be surprised to see Crude experience a short-term bounce as fear levels are very high and it is testing 3-year rising support.
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