Crude Tests July Low – Closes Under 200 day Average
Prepared by Jamie Saettele, CMT
“Crude has broken below a short term support line and the decline from 100.59 is in 5 waves. The implications are for extended weakness…” On balance, I am looking lower towards 89.41 as long as price is below 98.56. Currently below the 200 day average, there is potential for a sharp decline.
Trend Strength (M,W,D) – 0, 0, (1)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to email@example.com.
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