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Crude Tests 102; Trendline is at about 103

Crude Tests 102; Trendline is at about 103

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Tests 102; Trendline is at about 103

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: After months of false breakouts, crude reversed sharply lower 2 weeks ago before ‘reversing the reversal’ and breaking to 2013 highs. The move above the September high shifts focus to the line that extends off of the 2011 and 2012 tops near 103. Estimated near term support is 99.84-100.30 and the breakout is valid above 97.76.

Commodity Trading Strategy: Flat

LEVELS: 99.29 99.84 100.30 101.90 103.00 106.63

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