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Crude Range Tightens in No Man’s Land

Crude Range Tightens in No Man’s Land

2013-03-20 22:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_oil_body_crude.png, Crude Range Tightens in No Man’s Land

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

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