Crude Rallies in Wedge Pattern – 8815 is Resistance
300 Minute Bars
Prepared by Jamie Saettele, CMT
“Crude has reversed sharply from the 100% extension of the decline from the May high. Longer term focus is on lower levels, including the 2010 low at 67.17 and 161.8% extension at 59.76 but a sharper recovery is expected near term back to 88.16-89.63.” Having nearly reached 8816, expectations are for a top. The wedge pattern is typical of a dead cat bounce.
Trend Strength (M,W,D) – 0, (2), (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 firstname.lastname@example.org.
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