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Crude Former Resistance Line Continues to Hold as Support

Crude Former Resistance Line Continues to Hold as Support

2013-02-27 23:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Former Resistance Line Continues to Hold as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

Commodity Analysis: “The current level, defined by a former resistance line, may provide support for a relief rally but expect resistance from the Monday high if reached at 9443.” Crude’s open at the low Tuesday highlights the upside risk present at the current level. 9443 remains resistance.

Commodity Trading Strategy: The short side remains favored on a swing basis towards 8945-9031 but near term action (5 waves down from 2/13) warns of upside risk into 9445.

LEVELS: 8945 9031 9151 9340 9443 9519

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