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Crude Tests Nearly 3 Month Trendline

Crude Tests Nearly 3 Month Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Tests Nearly 3 Month Trendline

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. We should have a good idea regarding the next big move in crude SOON.

Trading Strategy: Flat

LEVELS: 102.21 104.29 105.31 | 108.19 110.66 111.45

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

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