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Crude Retreats…This Time Before Reaching Trendline

Crude Retreats…This Time Before Reaching Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Retreats…This Time Before Reaching Trendline

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. The year’s range is 98.21 to 85.61 and the latest decline reversed from just under the midpoint of that range (91.91).

Commodity Trading Strategy: Flat

LEVELS: 92.11 93.26 94.04 96.90 97.33 98.21

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

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