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Crude Confluence of Support is Below 98

Crude Confluence of Support is Below 98

2013-10-22 23:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_oil_body_crude.png, Crude Confluence of Support is Below 98

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude is approaching a support confluence defined by a channel (downward sloping), measured level at 97.73, and former high at 97.33.

-The line that extends off of the 2008 and 2012 lows is at about 93.25 this week. This line was tested in April. Needless to say, a break below that line would indicate a major trend shift.

Trading Strategy: Flat

LEVELS: 95.33 96.05 97.33 | 100.68 101.66 102.29

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