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Crude Nearing OTHER Trendline After Drop

Crude Nearing OTHER Trendline After Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_oil_body_crude.png, Crude Nearing OTHER Trendline After Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: Last week’s commentary remains valid – “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. The decline from 97.65 is in 5 waves so expect the advance to prove corrective. 94.80-95.74 is resistance.

Commodity Trading Strategy: Selling rallies above 94.80. Stop at 97.70.

LEVELS: 89.33 90.25 91.95 94.13 94.80 95.47

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

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