Crude Bullish Engulfing Leads to Assault on Highs
Prepared by Jamie Saettele, CMT
Crude formed a bullish engulfing yesterday and price has continued higher today. On the verge of taking out the September 1 high at 8983, focus is on the trendline that extends off of the May and July highs. That line is at 9333 today and decreases about 17 cents per day.
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Trend Strength (M,W,D) – (1), (1), 0
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.