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Crude Rallies from Long Term Trendline after 6 Consecutive Down Days

Crude Rallies from Long Term Trendline after 6 Consecutive Down Days

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_crude.png, Crude Rallies from Long Term Trendline after 6 Consecutive Down Days

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Crude was quiet compared to FX today as the market made an inside day on the heels of Wednesday’s advance.

-The bounce comes off of the line that extends off of the 2008 and 2012 lows (and through the weeks of the 2009 and 2013 lows) as well as the steep downward sloping line that extends off of the Sep and Oct lows.

-After a decline of this magnitude, allow for an attempt on higher levels. I’ve got trendlines in mind along with 98.74.

Trading Strategy: Flat

LEVELS: 91.23 92.68 93.60 | 95.93 97.35 98.74

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

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