Crude New Low Could Complete Near Term Bear Cycle
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).
-A new low could complete 5 waves down at multiple degrees of trend and give way to the largest bounce since the August high.
Trading Strategy: Flat
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.