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Crude Unable to Form Parallel Channel-Eyes on 102

Crude Unable to Form Parallel Channel-Eyes on 102

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_oil_body_crude.png, Crude Unable to Form Parallel Channel-Eyes on 102

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

Commodity Analysis: Crude has broken the Elliott channel support and is now getting into possible Fibonacci support and structural support. Given extremes in COT and the fact that the recent rally failed near the 2012 high, I’m finding it difficult to treat the decline from the recent high as a 4th wave. The decline appears to be unfolding in an impulsive manner as well. Estimated resistance is 105.44.

Commodity Trading Strategy: Flat

LEVELS: 99.19 100.68 102.11 103.85 105.44 106.91

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

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