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Crude Reaches Trendline that Extends off of 2011 and 2012 Highs

Crude Reaches Trendline that Extends off of 2011 and 2012 Highs

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_oil_body_crude.png, Crude Reaches Trendline that Extends off of 2011 and 2012 Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: After months of false breakouts, crude reversed sharply lower 2 weeks ago before ‘reversing the reversal’ and breaking to 2013 highs. Crude has reached the line that extends off of the 2011 and 2012 tops near 103. This is a level that could produce consolidation. 100.50 is support.

Commodity Trading Strategy: Flat

LEVELS: 99.29 99.84 100.50 104.00 105.00 106.63

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

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