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Crude Drops for 5th Day; Tests August Low

Crude Drops for 5th Day; Tests August Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Drops for 5th Day; Tests August Low

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 the Fed advance before dropping to test the August low and trendline off of the April and June lows.

Trading Strategy: Bias is still short with a target of 100.50 but beware a bounce from here with the August low and trendline in the way. 104.90-105.40 is estimated resistance.

LEVELS: 98.91 100.40 102.05 | 103.94 104.93 106.10

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

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