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Crude Tests Short Term Trendline-Longer Term Line in Focus

Crude Tests Short Term Trendline-Longer Term Line in Focus

2011-09-08 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_2_body_crude.png, Crude Tests Short Term Trendline-Longer Term Line in Focus

Prepared by Jamie Saettele, CMT

Crude formed a bullish engulfing Tuesday and price has continued higher since. Currently testing a short term upward sloping trendline, focus is on the longer term trendline that extends off of the May and July highs. That line is at 9316 today and decreases about 17 cents per day.

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Trend Strength (M,W,D) – (1), (1), 0

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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 jsaettele@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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