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Crude ST Bearish Risk is Tightened to Monday High

Crude ST Bearish Risk is Tightened to Monday High

2013-10-15 20:22:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude ST Bearish Risk is Tightened to Monday High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude continues to ‘stair-step’ lower as this market has alternated between up and down days since 10/1.

-The market is entering an area that may provide support for the sharpest advance seen since the August high. The levels in question are the 2012 high at 100.40, June high at 99.19, and January high at 98.21.

Trading Strategy: Tight risk on shorts to 1.0260 and move the target down to 98.50 (blue line).

LEVELS: 100.40 101.04 101.81 | 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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