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Crude Focus Remains on Channel Support

Crude Focus Remains on Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Focus Remains on Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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Commodity Analysis: No change – “Parallel channel support is at about 103 on Thursday. The 7/3 high and 7/8 low is at 102.11 and is also estimated support.”

Commodity Trading Strategy: May very well get a drop into 102-103 before new highs (4th and 5th waves) but it’s not for me.

LEVELS: 102.11 103.00 104.15 106.10 108.20 110.53

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

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