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Oil - US Crude
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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
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Crude Still Alternating Up and Down Days, Down Days are Larger

Crude Still Alternating Up and Down Days, Down Days are Larger

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Still Alternating Up and Down Days, Down Days are Larger

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude continues to alternate up days and down days since 10/1. The down days are larger than the up days.

-“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 June high at 99.19, and January high at 98.21.” Watch the downward sloping blue line for support if reached.

Trading Strategy: Flat

LEVELS: 97.33 98.21 99.19 | 100.68 101.66 102.29

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

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