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Crude Trendline Proves its Worth with Major Rejection

Crude Trendline Proves its Worth with Major Rejection

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Candles

eliottWaves_oil_body_crude.png, Crude Trendline Proves its Worth with Major Rejection

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: Yesterday’s commentary is worth repeating – “The last 2 days have seen crude spike below 96.00 and above 97.50 yet end the day little changed. The intraday volatility is probably conditioning the market for the next move. In other words, a market with many interests is being cleared so that crude can go where it needs to go. Whether that’s higher or lower, I am not sure but crude has reached and responded to the trendline that extends off of the September and January highs. Barring a break above 100.40, I favor the range, which from here is lower.” Lower it is. Former resistance at 94.07 may offer support for a bounce. Resistance begins at former support at 95.55.

Commodity Trading Strategy: Selling rallies above 95.55. Stop at 97.

LEVELS: 92.51 93.49 94.07 95.55 96.89 97.65

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

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