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Crude Trendline Reaction offers Opportunity

Crude Trendline Reaction offers Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_oil_body_crude.png, Crude Trendline Reaction offers Opportunity

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 and responded to the trendline that extends off of the September and January highs. Barring a break above 100.40, favor the range.

Commodity Trading Strategy: The market has responded on an intraweek basis…would like to see if price takes out 98.21 and reverses before attempting a short.

LEVELS: 93.30 94.06 95.21 97.21 98.21 100.40

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

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