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Crude Estimated Support is 91.14-91.70

Crude Estimated Support is 91.14-91.70

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Estimated Support is 91.14-91.70

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: “Crude is well supported on dips and near term focus remains higher towards former support at 94.94. Bigger picture, last week’s reversal, recent trendline resistance break and trendline support hold paint a bullish picture.” Near term, expect support from the 50%-61.8% zone of the latest rally at 91.14/70.

Commodity Trading Strategy: Bullish on dips below 91.70, against 89.33.

LEVELS: 89.33 90.25 91.70 94.43 95.89 96.19

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