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Crude Erases Most of 2 Day Decline

Crude Erases Most of 2 Day Decline

2013-05-02 00:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_oil_body_crude.png, Crude Erases Most of 2 Day Decline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: No change – crude is swinging wildly and trying to track near term vertical moves is futile. “Crude’s range last week was the largest in at least 26 weeks. Price is slightly below the 13 week and 52 week midpoints which differ by only .10. The proximity of these midpoints indicates crude’s lack of direction over the last year. Since slipping just below the line that extends off of the 2008 and 2012 lows, crude has rallied over $9. If the rally doesn’t stop here then the line that connects the highs since September 2012 is in play. That line is near 96.70 this week.”

Commodity Trading Strategy: Was triggered short at 91.60, stop is 95.00

LEVELS: 90.09 90.96 92.84 94.79 95.90 97.65

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

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