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Crude Oil Former Lows from 90.09 to 92.68

Crude Oil Former Lows from 90.09 to 92.68

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_oil_body_crude.png, Crude Oil Former Lows from 90.09 to 92.68

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude continues to take a beating.

-Former lows at 92.68, 91.23, and 90.09 could produce a bounce. The line that extends off of the 2012 and 2013 lows is at about 91.50 this week. Price is at the line that extends off of the 2008 and 2012 lows (and through the weeks of the 2009 and 2013 lows).

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

LEVELS: 90.09 91.23 92.68 | 94.04 95.09 95.93

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