Crude May be Trying to Form a Tradeable Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Crude has again bounced from the line that extends off of the 2008 and 2012 lows (and through the weeks of the 2009 and 2013 lows). The decline is extended to the downside and may be trying to form a near term low.
-June lows at 92.68 and 91.23 are now in focus. Keep an eye on the line that extends off of the 2012 lows as well. Exceeding last week’s high would suggest that a low is in place.
Trading Strategy: Flat
LEVELS: 90.09 91.23 92.68 | 94.50 95.93 96.95
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.