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Crude Catches a Bid but 104.35 Remains Line in the Sand

Crude Catches a Bid but 104.35 Remains Line in the Sand

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Catches a Bid but 104.35 Remains Line in the Sand

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 hasserved as resistance in recent days.

-98-99 is a target zone for the rest (January high and 50% retracement of the advance from April).

Trading Strategy: Risk remains 104.35. Target remains 99.25 (6/19 high).

LEVELS: 100.40 101.04 102.24 | 103.73 104.35 104.93

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

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