Crude Tests Nearly 3 Month Trendline
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-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
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