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Crude Trendline Confluence Near Current Level is Resistance

Crude Trendline Confluence Near Current Level is Resistance

2013-09-18 00:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_crude.png, Crude Trendline Confluence Near Current Level is Resistance

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?)

-Price broke below the trendline that extends off of the 6/25 and 8/22 lows and retested it on today’s advance. The near term downward sloping line is also possible resistance.

Trading Strategy: Short side favored below 108.50. Target 100.50. 100.36 is the measured move from the 105.51-110.66 range.

LEVELS: 104.93 105.50 106.40 | 108.50 109.14 109.53

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