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Crude Follows Through on Doji; Watch Trendlines

Crude Follows Through on Doji; Watch Trendlines

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_oil_body_crude.png, Crude Follows Through on Doji; Watch Trendlines

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Wrote last week that “crude stabilized on Thursday after slipping below 96. Downward sloping channel support make this a good place for a rally attempt.”

-Resistance is estimated from trendlines (likely strongest from 100-101).

Trading Strategy: We might get an opportunity to sell into trendline resistance…sit tight for now though.

LEVELS: 95.33 96.05 97.15 | 99.19 100 101.04

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

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