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Crude Tests Underside of Trendline as Resistance

Crude Tests Underside of Trendline as Resistance

2013-10-02 23:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_crude.png, Crude Tests Underside of Trendline as 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. Exhaustion occurred on 8/28 in the midst of Syria worries.

-Price broke below the trendline that extends off of the 6/25 and 8/22 lows and retested it on the Fed advance before breaking below the August low and trendline off of the April and June lows.

Trading Strategy: 98-99 is a target zone for the rest (January high and 50% retracement of the advance from April). Price is testing resistance from the underside of former support.

LEVELS: 100.40 101.04 102.75 | 103.94 104.93 106.10

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