Crude Pressing against Resistance Line
Prepared by Jamie Saettele, CMT
Crude has traded in a tight range and remains capped by trendline resistance and its 200 day average. The range may be another triangle in which case crude will see another leg higher. To review; “the congestion from 5/7-5/11 is of interest from 9521-9849. The upper end of this range is reinforced by the 61.8% retracement of the decline from the March high at 9782 and the 61.8% extension of the 7726-9321 rally (from 8684) at 9675. Near term triangle breakout objectives are 9570 and 9777. Crude has reached the latter objective and is also testing the top of May congestion and 61.8% retracement of the decline from the 2012 high.”
LEVELS: 9393 9534 9605 9826 10065 10181
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