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Crude Closing in on 2012-2013 Channel

Crude Closing in on 2012-2013 Channel

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Closing in on 2012-2013 Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude dropped for a 5th consecutive day and is down 4 consecutive weeks. Price is at the line that extends off of the 9/30 and 10/23 lows.

-The 6/24 low at 92.68 is in line with the line that extends off of lows going back to Dec 2008.

Trading Strategy: Would be willing to strength into trendline resistance.

LEVELS: 91.63 92.68 93.65 | 96.03 98.74 100.25

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