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Crude Still Trading on Lows and Trendline

Crude Still Trading on Lows and Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_oil_body_Picture_2.png, Crude Still Trading on Lows and Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Crude keeps holding 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. Thursday’s key reversal after a tag of a June low at 92.68 is a good start.

-91.23 would be next as support if the low fails to hold. 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 92.49 | 94.50 95.93 96.95

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

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