Crude Completes 5th Day of Consolidation; Resistance is Slightly Higher
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The crude 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. 95.92 would be the first level of resistance to expect a response.
Trading Strategy: Flat
LEVELS: 91.23 92.68 93.60 | 95.93 97.35 98.74
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