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Crude Doji at Channel Support after Market Tests 96

Crude Doji at Channel Support after Market Tests 96

2013-10-24 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_oil_body_crude.png, Crude Doji at Channel Support after Market Tests 96

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude stabilized on Thursday after slipping below 96. Downward sloping channel support make this a good place for a rally attempt. Short term sentiment is extremely bearish so an advance could be sharp. Resistance is estimated from trendlines (likely strongest from 100-101).

-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: 93.65 95.33 95.93 | 97.66 99.20 100

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