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Crude Support Line Finally Gives Way

Crude Support Line Finally Gives Way

2013-02-28 01:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_oil_body_crude.png, Crude Support Line Finally Gives Way

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 held at the trendline for 3 days before finally giving in. The trendline off of the June and November 2012 lows may come into play as support next week.

Commodity Trading Strategy: Risk can be moved down to 9345. When crude trends, it trends quickly, so it’s best to keep the moving the stop down as market action dictates.

LEVELS: 8945 9031 9113 9245 9340 9440

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

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