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Crude Snaps Back after Intraday Drop

Crude Snaps Back after Intraday Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Snaps Back after Intraday Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: Crude is little changed on the day but did drop as low as 105.44 intraday. Price is testing long term resistance and daily RSI has stayed above 70 for everyday but 1 since 7/5. Typically, extended durations of RSI > 70 are good markets to buy pullbacks. Watch for support between RSI 50 and 60 (daily).

Commodity Trading Strategy: Flat

LEVELS: 104.15 105.10 106.10 108.20 109.37 110.53

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

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