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Crude Breaks January Low

Crude Breaks January Low

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Breaks January Low

Prepared by Jamie Saettele, CMT

Crude has broken under the January low, increasing confidence in the bearish bias and risk on shorts can be moved to 10150. “Since the top on the second day of the year, crude is quietly making lower lows and lower highs. This is the very definition of a bear market. The inability of crude to ramp higher as the US dollar has taken a beating in recent days suggests that this market is particularly weak.”

Bottom Line – short, stop 10150, target open

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