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Crude Making a Mess of Trendlines

Crude Making a Mess of Trendlines

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_oil_body_crude.png, Crude Making a Mess of Trendlines

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: Wrote yesterday that “the clean break of 10 month trendline support and 5 waves down from the April 1 high favor a bearish interpretation. I would like to short a correction of that decline. After reaching the underside of former trendine support and the 50% retracement of the decline from the April high, this is a good place for the rally to stop.” Crude went through the trendline and 61.8% retracement of the decline from 97.65 without a problem. I’m staying with a bearish interpretation as long as price is below the 4/10 high of 97.79 but above there exposes the trendline off of the 2012 and April 2013 highs.

Commodity Trading Strategy: Triggered order at 91.60, stop is 95.00 but expect to tighten it soon. Positioning is for larger breakdown.

LEVELS: 89.03 89.94 90.70 91.95 93.05 94.79

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

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