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Crude Exceeds Monday High on Outside Day Reversal

Crude Exceeds Monday High on Outside Day Reversal

2013-10-16 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_oil_body_crude.png, Crude Exceeds Monday High on Outside Day Reversal

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 but Wednesday’s outside day reversal could mark a low.

-“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: Trailed out of nearly month long short position. Flat.

LEVELS: 99.19 100.40 101.46 | 102.94 103.54 104.35

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

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