Crude Responds to Underside of Trendline as Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-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. That line is now serving as resistance.
-98-99 is a target zone for the rest (January high and 50% retracement of the advance from April).
Trading Strategy: Moving risk down to 104.35. Target remains 99.
LEVELS: 100.40 101.04 102.75 | 103.94 104.93 106.10
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.