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Crude Holding Up after Latest Trendline Rejection

Crude Holding Up after Latest Trendline Rejection

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_oil_body_crude.png, Crude Holding Up after Latest Trendline Rejection

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Commodity Analysis: There remains little to say about crude right now. Rallies continue to fail at trendline resistance / top of the recent range. Bigger picture, the range has been tightening for years (triangles within triangles?) and the latest triangle may be between 84.04 and 100.40. In other words, the next move could be towards the line that extends off of the November and April lows.

Commodity Trading Strategy: Flat

LEVELS: 90.09 92.11 93.26 94.39 95.10 95.89

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

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