Crude Retraces Monday Rally; Await Resolution
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 (exhaustion?)
-Weakness below 105.51 would increase evidence that the market has turned lower. Until then, recent action may simply be consolidation before the next leg higher.
Trading Strategy: Flat
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.