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Crude Estimated Resistance at 109.53

Crude Estimated Resistance at 109.53

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Estimated Resistance at 109.53

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-A triangle formed in Crude from 7/19 to 8/21. Triangles are typically resolved in the direction of the larger trend but breakouts from triangles are usually the final leg of a larger move.

-On 8/28, price took out the 2012 high before closing nearly $3 off of the high.

-The decline from the 8/28 high is impulsive.

Trading Strategy: Estimated resistance is 109.50/60. Would short 109.50 with a stop above the August high.

LEVELS: 102.21 104.29 105.31 | 109.50 110.80 111.45

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