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Crude Rebounds from 61.8% Retracement of Swing from November

Crude Rebounds from 61.8% Retracement of Swing from November

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Rebounds from 61.8% Retracement of Swing from November

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: Crude has reached a level that may prove difficult to break. The level in question is defined by the 61.8% retracement of the rally from November’s low, resistance throughout November and early December, and the trendline that extends off of the June and December 2012 lows. Resistance is now 92.

Commodity Trading Strategy: The response at well-defined support suggests we move from short to flat. Shorts at higher levels are likely.

LEVELS: 87.94 89.33 90.25 92.00 93.40 9440

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