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Crude Near Term Upside Slows; Look for a Dip

By , Sr. Technical Strategist
09 December 2013 20:49 GMT

Daily

eliottWaves_oil_body_Picture_2.png, Crude Near Term Upside Slows; Look for a Dip

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Crude found support from the line that extends off of the 2012 and 2013 lows.

-Wrote last week that “given the extended nature of the decline and proximity of mentioned levels, a tradeable low may form in early December.” The recent advance suggests that a larger retracement of the decline from the Aug high.

Trading Strategy: Looking to buy weakness into former resistance at 95.60 with a 93.60 stop. 102-104 is the target area.

LEVELS: 94.51 95.59 96.28 | 98.74 99.39 100.01

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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09 December 2013 20:49 GMT