Crude Reverses from Well-Defined Technical Level
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Commodity Analysis: “The decline from 97.65 is in 5 waves so expect the advance to prove corrective. 94.80-95.74 is resistance.” The top came in yesterday at 94.79 and the decline from level appears impulsive as well. The implications are bearish below 94.79, for a break below 91.95 and possibly an extended decline.
Commodity Trading Strategy: Short order at 94.00, stop 95.00, target < 91.95
LEVELS: 90.25 91.15 92.98 94.10 94.80 95.47
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