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