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Crude Reaches Trendline Resistance

Crude Reaches Trendline Resistance

2013-03-28 21:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_oil_body_crude.png, Crude Reaches Trendline Resistance

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.” Crude blew through 94.94 and is now approaching the line that extends off of the September and January highs. A break above that line could open up a move towards 105. Barring a break however, favor the range.

Commodity Trading Strategy: Need to see the market respond to the current level before doing anything. A drop below 96.25 and weak recovery would favor a short.

LEVELS: 93.30 94.06 95.21 97.21 98.21 100.40

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