News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Commodity Technical Analysis: Crude Bounces from Trendline Support

Commodity Technical Analysis: Crude Bounces from Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Bounces from Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Crude held steep trendline support today but may be trying to form a top. “Daily RSI is above 70. Since the 2009 low (8 instances…each were important reversals), daily RSI has been unable to stay above 70 for longer than a few days.” RSI stayed above 70 for 3 days this time. The implications from RSI make it difficult to trust the bullish trendline break.

Commodity Trading Strategy: Wait a few days. If crude can stay below the recent high for several days, then I’ll be willing to short.

LEVELS: 9264 9379 9468 9689 9899 10040

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