Crude Reaches Trendline Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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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